Tuesday, April 5, 2022

India’s pharmaceutical companies hope Biden will not push for ‘Made in America’ drugs

MUMBAI | NEW DELHI: India’s large generic drug makers that depend on the US for 60% of their exports revenues are hopeful that their growth opportunity in the world’s largest pharmaceuticals market will improve under a Joe Biden presidency, industry officials said.

The industry is closely watching what stance the president elect will take with regards to the generic drug industry, and hope that he would not pursue President Donald Trump‘s push for ‘made in America’ medicines.

“Obamacare (Affordable Care Act that aimed to provide affordable health insurance coverage for all US citizens) will be back in focus, which will further improve the growth opportunity for Indian pharmaceutical industry,” Dinesh Dua, chairman Pharmaceutical Export Promotion Council told ET.

Another representative of an Indian pharma lobby group said these are early days and any impact of the new administration on the industry will be seen only after January 2021.

While Trump’s stand on making drugs cheaper for Americans supported the generic industry, his rhetoric regarding passing an executive order for making drugs locally had put the Indian generic industry in a flux.

The outgoing president had in August issued an executive order, telling federal agencies involved in the procurement of essential medicines, medical countermeasures and critical inputs to “prioritise purchase of such items from domestic manufacturers to reduce the country’s dependence on foreign manufacturers”. It also urged these departments and agencies to identify vulnerabilities in the country’s supply chains for these products.

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