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India Exported Majority of Affordable Medicine Supply to US Market in 2022: Report
The report highlights that Indian firms contributed 47% of all generic prescriptions in 2022, solidifying their position as the leading provider of affordable generics to the US, with the United States trailing at 30%, followed by the Middle East at 11%, and Europe at 5%.
- By PharmaNews Live Desk
- New Delhi
- May 20, 2024
Indian pharmaceutical companies continue to be pivotal in supplying cost-effective generic medications to the US market, as per a recent study by the IQVIA Institute..
The report highlights that Indian firms contributed 47% of all generic prescriptions in 2022, solidifying their position as the leading provider of affordable generics to the US, with the United States trailing at 30%, followed by the Middle East at 11%, and Europe at 5%.
Moreover, Indian companies also play a significant role in biosimilar production, accounting for 15% of the biosimilar volume utilized by US patients last year.
The report underscores that out of the top 10 therapy areas by prescription volume in the US, Indian companies supplied over half of the prescriptions in five categories, including mental health, hypertension, lipid regulators, anti-ulcerants, and nervous system disorders.
However, the report notes a lower representation of Indian companies in diabetes medicines, standing at 21%, attributed to the lesser share of generic medicines in this therapy area compared to others. Despite this, generics from Indian companies have substantially improved the management of health conditions while bringing about considerable savings and sustainability to the US healthcare system.
According to the report, Indian generics facilitated a remarkable $219 billion in savings to the US healthcare system in 2022, contributing to a total of $1.3 trillion in savings between 2013 and 2022. Looking ahead, generics from Indian companies are projected to generate an additional $1.3 trillion in savings over the next five years.
However, the report raises concerns about the manufacturing supply chain's vulnerability, particularly regarding key starting materials and active pharmaceutical ingredients (API). It underscores the need for both Indian and US systems to mitigate risks in the supply chain to ensure sustained efficiency.
Echoing the report's sentiments, the Indian Pharmaceutical Alliance (IPA) recently advocated for a robust India-USA pharmaceutical trade partnership to bolster both nations' pharmaceutical supply chains and ensure resilience in affordable medicine provision.