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Untapped potential of generics industry to expand access to people living in low and middle-income countries reveals new report
AMSTERDAM & LONDON, Monday 2nd October 2023: The Access to Medicine Foundation, an independent non-profit that seeks to mobilise companies to expand access to their essential healthcare products in low- and middle-income countries (LMICs) has published a landmark report assessing five generic and biosimilar medicine manufacturers’ actions on expanding access to their products in LMICs.
The Foundation, together with Stewart Investors, an active, long-only equity specialist focused on long-term sustainable investing, co-hosted a multi-stakeholder launch event in Mumbai last week to mark the publication of the report.
Generic and biosimilar medicines have the potential to be lifelines for millions, offering the same therapeutic and clinical benefits as the originator medicines, but often at significantly lower prices. However, even if a product is comparatively cheaper, payers may still be unable to afford it, which is especially the case for those living in low-income countries and those from vulnerable populations. Among the medicines listed on the World Health Organization's Model List of Essential Medicines, only 10% are under patent protection, highlighting the essential role of generic and biosimilar medicine manufacturers in ensuring their products reach those who need them the most.
To assess what is currently being done by the generics industry to expand access to medicine in LMICs, the report profiles five market-leading companies: Cipla, Hikma, Sun Pharma, Teva, and Viatris. Along with detailed company profiles, it identifies opportunities to strengthen manufacturing and improve the availability of generic and biosimilar medicines.
The report, which marks the first time that any generic or biosimilar medicine manufacturers have been assessed in-depth on their access-to-medicine efforts, reveals areas where companies can focus their attention as they step up efforts to expand access to their essential medicine, such as affordability, product registration, supply, local availability, and adaptive R&D. Given their portfolios and footprints, the five companies assessed can now work to significantly enhance their efforts by acting on the opportunities and the tailored recommendations set out in their respective company profiles.
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