New Delhi: The Indian Pharmaceutical Alliance (IPA), consisting of 23 leading Indian generic drug companies, met at the DAR Museum in Washington DC to suggest a trade partnership between the U.S. and India on May 7, 2024. The partnership aims to reduce reliance on foreign pharmaceutical sources for both nations and ensure the availability of affordable medicine security.
The IPA cited a study by IQVIA Institute titled “U.S.-India Medicine Partnership: India’s Contributions to U.S. Healthcare.” It highlighted India’s role in the healthcare system of the U.S. and the need to strengthen their alliance for health security.
Indian pharmaceutical companies have played a crucial role in supplying basic medicines like hypertensives and antibiotics, amounting to almost half of the global antibiotic distribution, the industry leaders cited, adding that an ‘Affordable Medicine Partnership’ needs to be formed to strengthen health and national security in both the countries.
IQVIA’s report informs that 47 percent of all generic prescriptions in the U.S. are provided by Indian firms, resulting in annual healthcare savings of more than $219 billion, adding up to over $1.3 trillion through the last decade.
This initiative is expected to establish a framework that not only addresses healthcare needs but also prepares India and the U.S. for future challenges. This can also potentially extend to allies like the EU, UK and Canada.
Discussion about this post