“It is true that the US-China trade war is going to give us a window of opportunity to expand our industry. Also, China on its own is exiting low value-added chemicals manufacturing. So, we have no alternative but to make those raw materials locally. Either way, backward and forward integration by Indian pharma companies
has become a need of the hour,” he explained.
The relevance of Indian pharma
as a provider of affordable alternatives to the world is intact, he feels. America, for one, has saved $80 billion in health care costs on account of the affordable generic medicines produced and sold by Indian firms.
Even China presents a big market opportunity for Indian generics, since the government there has realised the significance of affordable medicines for its people. Beijing has started opening the doors for Indian generics, in the wake of the high cost cancer therapies in China, he said.
Prasad says the issue in India is not affordability but lack of robust health insurance and negligible focus on preventive and primary health care.