Republican opposition to Obama care was at the heart of the government shutdown in October 2013. But the same health care law is opening new doors thousands of miles away in the land of Gandhi.
Indian generics medicine industry is gearing up for a huge boost in demand from the US. Nearly 40% of the generics used in the US now come from India and it’s going to get much bigger.
India’s exports of generics have been growing at a rate of 24% per year over the last four years, and are set to continue this “explosive growth.1
Indeed, Obama care will increase generics consumption.
Because of Obama care, the dollar amount that is being paid for prescription drug is going to be something that the government will take responsibility for so there’s more awareness for the cost of drugs by the government. So, more and more doctors in the US are now prescribing generics which are a lot cheaper than the brand name drugs. On average, the cost of a generic drug is 80 to 85 percent lower than the brand name product. 2
In 2010 alone, the use of FDA-approved generics saved $158 billion, an average of $3 billion every week. 2
Obamacare envisages savings of $150 billion per year from drug cost reductions.3
Today, nearly 8 in 10 prescriptions filled in the United States are for generic drugs. The use of generic drugs is expected to grow over the next few years as a number of popular drugs come off patent through 2015.2
To bolster quality and confidence in Indian drugs, the US food and drug administration (FDA) has stepped up its presence in India. FDA has established rigorous standards with respect to identity, strength, quality, purity, and potency. Several plants have already been penalized for lapses.
Thanks to Obama care, in India, business is booming and jobs have been created.
Obama care is not only going to change the life of millions of Americans but also the organization of the world’s generics industry.
1. Article > India: exports of generics growing 24% a year. at <http://www.pharmatimes.com/article/13-10-21/India_exports_of_generics_growing_24_a_year.aspx>
2. Understanding Generic Drugs > Facts about Generic Drugs. at <http://www.fda.gov/drugs/resourcesforyou/consumers/buyingusingmedicinesafely/understandinggenericdrugs/ucm167991.htm>
3. BBC News – Obamacare has hidden benefits – for India. at <http://www.bbc.com/news/world-us-canada-24407452>