Open AccessORPHAN DRUG POLICY
Author(s) -
Roshani Goel
Publication year - 2021
Publication title -
innovare journal of life science
Language(s) - English
Resource type - Journals
ISSN - 2321-550X
DOI - 10.22159/ijls.2021.v9i1.40593
Subject(s) - orphan drug , pharmaceutical industry , business , profit (economics) , investment (military) , government (linguistics) , profit margin , industrial organization , commerce , marketing , economics , microbiology and biotechnology , political science , bioinformatics , linguistics , philosophy , politics , law , biology , microeconomics
Pharmaceutical industry is crucial for mankind and contributes in some way in socio economic development of the society through jobs, community welfare, and supply chains. Indian pharmaceutical companies are one of the largest markets in the world, estimated 10% of global production and 2% of world market. The industry is has shown significant growth in infrastructure development, producing wide range of pharmaceutical products with new technical advancements. The country is famous for producing and providing pharmaceutical products at much cheaper prices than the US and EU. However, the country lacks in investment in research on rare disease or orphan drugs. This paper tries to highlight the ways in which the market in orphan drugs can grow in India with the help of international partners.
Objective: The objective of the study was to look at existing orphan drug policies and how we can aim at making it more equitable in India.
Methods: Research is completely based on secondary data from online journals and government data. The study is analytical in its approach and is descriptive in nature.
Results: Pharmaceutical companies invest less in Orphan drugs as they do not mark an assured profit with present investment.
Conclusions: To maintain the interest of Indian pharmaceutical companies it is suggested that, Indian companies should work in collaboration with countries which lead in orphan drug markets.