Monday , January 22 2018

Opinion

A $300bn reason India’s drug price cap will stay

An Indian pharmacist prepares a bill for medicines purchased by a customer at a Generic Drug Store at the Victoria Hospital in Bangalore on June 28, 2012. The Generic Drug Store which was opened in Bangalore recently by the medical education department in association with the Karnataka State Cooperative Consumer Federation sells branded generic drugs which are priced less than 50 percent of the Maximum Retail Price (MRP). Estimates by Dolat Capital show that the US generic market, currently estimated at USD350 billion (Indian Rupees 19,93,279.8 billion) which is 75 per cent of the pharmaceutical industry volume, is expected to grow by around 12-13 per cent over 2011-15. According to industry estimates, Indian companies are filling an average of 1,000 abbreviated new drug application (ANDAs) every year in the US to tap the opportunity. The bulk drug filings from Indian companies in US have also increased significantly. Of the total bulk drug filings in US, India accounted for 45 percent in 2009 and 49 percent in 2010, which further increased to 51 percent last year. AFP PHOTO/Manjunath KIRAN        (Photo credit should read Manjunath Kiran/AFP/GettyImages)

Global pharmaceutical companies have bemoaned for years India’s capricious policies on prices and patents. Now the government needs billions of dollars for its “Make in India” program, why can’t the industry get a fairer deal? When it comes to intellectual property, it’s now understood—and grudgingly accepted—that India’s use of compulsory ...

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