IPA cites new IQVIA Institute study demonstrating India’s vital contribution to the US healthcare
The Indian Pharmaceutical Alliance (IPA), representing 23 leading research-based Indian generic pharma companies, convened at DAR Museum in Washington DC, urging a trade partnership between the US and India to reduce reliance on foreign sources for both, nation’s pharmaceutical supply chains and ensure affordable medicine resilience.
These leaders cited a key new study released by IǪVIA Institute for Human Data Science. – US – India Medicine Partnership: India’s Contributions to US 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.
“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.
The Affordable Medicine Partnership would align with the February 2021 Executive Order on America’s supply chains, in which President Biden identified pharmaceuticals and active pharma 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.”
According to the IǪVIA Institute report, Indian firms supply 47 per cent of generic prescriptions in the US, saving over $1.3 trillion in the past decade. The average annual savings to the US healthcare system by these companies is more than $219 billion, and over $1.3 trillion over the past decade.
Patel, discussed the specific findings of the new report. “The findings demonstrate the significant contribution by Indian firms to the US healthcare system. In five of the top ten key therapeutic areas, Indian companies account for more than 50 per cent of the US prescriptions, with percentages ranging from 55 per cent to as high as 60 per cent.
In referencing that the trade proposal aligns with President Biden’s executive order, India’s Production Linked Incentive Program, and the January 2024 US-India joint statement, said Vinita Gupta, CEO of Lupin emphasised its significance. “The Affordable Medicine Partnership proposal is more than a trade initiative; it’s a foundational step towards strengthening the health infrastructure vital to our mutual prosperity and security.”
Gupta also highlighted the proposal’s significance, linking health infrastructure to national security and industrial prowess. The initiative aims to extend to allies like the EU, UK, and Canada, fostering global health resilience.
Sudarshan Jain, IPA Secretary General, closed out the session by emphasising the commitment to collaboration and high-level engagement with the US government and Congress to advance the ‘Affordable Medicine Trade Partnership’.”