Indian pharmaceutical sector is likely to gain, rather than being impacted, as the new US President Donald Trump aims to reduce drug prices since the country’s generic medicines are already affordable.
“Considering the fact that India offers a low-cost innovation and manufacturing hub and India-made generics sometimes cost almost one-tenth of branded drugs sold in the US, we are likely to be least affected by the anticipated policy changes,” Biocon Chairperson and MD Kiran Mazumdar-Shaw told PTI.
She further said Trump would focus on introducing new pricing models that will make expensive innovative drugs more affordable.
“If controlling healthcare costs is a priority for the new administration, I believe the Indian pharma industry is already aligned with US President Donald Trump’s vision,” Mazumdar-Shaw added.
Echoing similar sentiments, Indian Pharmaceutical Alliance (IPA) Secretary General Dilip G Shah said: “We are positioning ourselves as a trust worthy and reliable partner of the USA for access to quality medicines at the affordable prices.”
He said Trump wants American companies to manufacture domestically and sell products at US prices. Likewise, to fill in the void of Obamacare, “he will not mind import of quality medicines from India at affordable prices.’’
A Glenmark spokesperson said traditionally Indian pharma companies are known to offer products at lesser prices and they will look to address the rising drug prices in future as well.
Mazumdar-Shaw said Indian pharma industry has for decades contributed significantly to contain and bring down the healthcare costs in the US by supplying high-quality yet affordable generic drugs to the country.
“The US bought $4.74 billion or over a third of the $12.54 billion worth of drugs exported by India in 2015,” she said.
“With India now emerging as a leading global supplier of biosimilars, biopharma companies are well-placed to address the unmet need for more affordable versions of biologic products around the world, including the US,” Mazumdar-Shaw added.