Over the last 20 years, Indian pharmaceutical companies have played a crucial role in improving health care in India and around the world. Even during the COVID-19 period, the companies were standing in front to mobilise their resources to fulfil the supply chain despite the lockdown and restrictions in the country. Indian pharmaceutical companies generate 60% of global vaccine production. They contribute to around 40-70% of DPT (Diptheria, Pertussis and Tetanus) and BCG (Bacillus Calmette – Guerin) vaccines produced by WHO (World Health Organisation).
Affordable healthcare is a fundamental right that everyone should have access to. In a country like India, with a population of over 1.3 billion, ensuring affordable healthcare for all is a monumental challenge. However, Indian pharmaceutical companies have played a significant role in making healthcare more accessible and affordable for millions of people. This blog explores the crucial role of Indian pharmaceutical companies in providing affordable healthcare solutions.
What do these pharmaceutical companies do?
Pharmaceutical companies provide affordable healthcare as an essential aspect of individuals’ and communities’ well-being. These companies play a crucial role in researching, developing, manufacturing, and distributing life-saving medications and treatments. Their contributions are vital to making healthcare accessible and affordable for people across the globe. By investing in research and development, collaborating with healthcare providers, and advocating for policy changes, pharmaceutical companies can significantly impact healthcare affordability.
Moreover, the Indian pharmaceutical industry has established itself as a global leader in generic drug production. Their expertise and adherence to international quality standards earn them the trust and confidence of healthcare professionals and regulatory bodies worldwide. This leads to increased collaborations and partnerships with multinational pharmaceutical companies. Moreover, this facilitates the transfer of technology and knowledge ultimately accelerating the availability of affordable healthcare solutions globally.
How can Indian pharmaceutical companies help provide affordable healthcare?
Pharmaceutical companies contribute to affordable healthcare in various ways. Explore the potential benefits and challenges associated with their role:
- Generic Medicines:
Indian pharmaceutical companies have been at the forefront of producing high-quality generic medicines at affordable prices. Generic medicines are bioequivalent to their branded counterparts but available at a fraction of the cost. Indian companies’ production and distribution of generic medicines have significantly reduced patients’ financial burden, especially in developing countries like India.
- Research and Development:
Indian pharmaceutical companies like Globela Pharma invest heavily in research and development (R&D) to develop innovative and cost-effective healthcare solutions. By focusing on R&D, these companies have developed generic versions of expensive drugs, enabling patients to access life-saving treatments at affordable prices. Additionally, Indian pharmaceutical companies have made significant contributions to the development of vaccines and medicines for diseases such as HIV/AIDS, malaria, and tuberculosis, further enhancing affordable healthcare options.
- Manufacturing Capabilities:
India is known for its robust pharmaceutical manufacturing capabilities. The country has a vast network of pharmaceutical manufacturing units that produce a wide range of medicines, including essential drugs. The economies of scale achieved by Indian pharmaceutical companies have led to lower production costs, making medicines more affordable for patients. This manufacturing process has also allowed India to become a major exporter of pharmaceutical products to other countries, further expanding access to affordable healthcare globally.
- Government Initiatives and Partnerships:
Indian pharmaceutical companies have collaborated with the government and non-governmental organizations to implement various initiatives aimed at providing affordable healthcare. For instance, public-private partnerships have been instrumental in setting up healthcare facilities in rural areas, ensuring access to medicines, and promoting preventive healthcare measures. These collaborations have not only made healthcare more affordable but also improved the overall healthcare infrastructure in the country.
- Global Health Aid and Philanthropy Initiatives:
Indian pharmaceutical companies have an admirable track record of aiding global health crises through humanitarian initiatives and philanthropic activities. During emergencies such as humanitarian crises, natural disasters and disease outbreaks. Companies have stepped forward by providing essential medicines, vaccines and medical supplies at a subsidized or no-cost basis. Their commitment to social responsibility extends beyond borders contributing to global efforts aimed at improving healthcare access for the most vulnerable populations.
- Patent Challenges:
Indian pharmaceutical companies have challenged patents on expensive drugs, allowing affordable generic versions. By challenging patents, these companies have played a crucial role in breaking monopolies and promoting competition, resulting in lower drug prices. This has had a significant impact on making healthcare more affordable, not only in India but also in other countries.
Although, Indian pharmaceutical companies have not been easy. Before 1970, most of the pharmaceutical industry was owned by foreign owners. However, thanks to the Indian Patents Act in 1970 and the Drug Policy in 1978. It allowed the next generation of scientists and entrepreneurs to take advantage of the opportunities provided by these resources to build a tremendous pharmaceutical industry.
- Health Awareness and Education:
Indian pharmaceutical companies have also been involved in creating awareness and educating the public about various health issues. Through campaigns and initiatives, these companies have helped spread awareness about diseases, preventative measures, and the importance of early diagnosis and treatment. By promoting health education, Indian pharmaceutical companies reduce healthcare costs by preventing diseases and promoting overall well-being.
Indian pharmaceutical companies have emerged as key players in making healthcare more cost-effective and accessible. Their contributions in the form of generic medicines, research and development, manufacturing capabilities, government partnerships, patent challenges, and health awareness initiatives have significantly impacted affordable healthcare in India and beyond.
Globela Pharma helps attain affordable healthcare by making significant strides in ensuring access to quality medications for all individuals. Through our commitment to innovation collaboration and affordability, Globela is changing the landscape of healthcare by putting patient well-being at the forefront.
At Globela, we are bridging the gap between healthcare and individuals ensuring that quality medicines are accessible to all. By working together with stakeholders investing in research and development and engaging in corporate social responsibility initiatives Globela is reshaping the pharmaceutical industry and transforming lives for the better.
However, there is still work to be done to ensure universal access to affordable healthcare. Continued efforts and collaborations between the government, pharmaceutical companies, and other stakeholders are essential to address the existing challenges. This will make affordable healthcare a reality for all.