Patel highlights Indian companies’ contribution to US healthcare system
The Indian Pharmaceutical Alliance (IPA) of 23 leading Indian research-based generic companies has urged a US-India trade partnership https://usispf.org/ to reduce reliance on foreign sources for both nations’ supply chain and achieve affordable medicine resilience.
“The time has come to restore balance and build resilience in these critical networks. This is not merely prudent – it is crucial,” said Sharvil Patel, Vice President, IPA and Managing Director of Zydus Lifesciences https://www.ipa-india.org/.
The Affordable Medicine Partnership would align with the February 2021 Executive Order on America’s supply chains, in which President Joe Biden identified pharmaceuticals and active pharmaceutical ingredients as a supply chain risk and declared that “the US needs resilient, diverse, and security supply chains to ensure our economic prosperity and national security”.
These leaders cited a key new study released by IǪVIA Institute for Human Data Science https://www.iqvia.com/insights/the-iqvia-institute/reports-and-publications/reports/us-india-medicine-partnership. – US-India Medicine Partnership: India’s Contributions to U.S. Healthcare – highlighting India’s vital contribution to the US healthcare system, and the significance of the US India relationship for strengthening the health security of both countries.
According to the IǪVIA Institute report, India has long been a critical source of affordable medicines for the United States. Ninety percent of all medicines prescribed for Americans are generic, and 47% of those prescriptions are filled with products produced by Indian pharmaceutical companies. The average annual savings to the US healthcare system https://www.healthcare.gov/ by these companies is more than US$219 billion, and over $1.3 trillion over the past decade.
“We fully embrace our role as America’s medicine partners https://www.who.int/ ,” Patel added in a release on 6 May 2024.
“The new IǪVIA Institute report highlights our vital contributions to the US healthcare system. Our operations across the US are more than just business; they embody our deep commitment to American communities.”
Patel, discussed the specific findings of the new report. “The findings demonstrate the significant contribution by Indian firms to the U.S. healthcare system. In five of the top 10 key therapeutic areas, Indian companies account for more than 50% of the US prescriptions, with percentages ranging from 55% to as high as 60%.
Patel concluded, “the US and India have both acknowledged that supply chains for APIs and KSMs are insufficiently diversified and that there is scope to collaborate to de-risk and diversify.”
Sudarshan Jain, Secretary General of the IPA, assured, “As stewards of a transformative partnership that has significantly shaped healthcare in both India and the United States, we are proud to advance health security and foster international cooperation.
“This initiative will require our collective expertise, dedication, and steadfast commitment to collaboration at the highest levels of government and industry. The leadership of the IPA is fully dedicated to this cause and is eager to start the necessary work.
“These pharmaceutical leaders are in Washington DC for high-level meetings with the Administration and members of Congress to advance the need for an ‘Affordable Medicine Trade Partnership’ similar to efforts to reduce reliance on semiconductor chips and other critical national security needs.” Fiinews.com
