New study on protecting new drugs in IndiaJune 16th, 2009 - 11:24 am ICT by IANS
Washington, June 16 (IANS) A major new study identifying a broad range of potential benefits of incremental pharmaceutical innovation for India will be released at the US-India Business Council’s (USIBC) Synergies Summit here Wednesday.
The study titled “The Value of Incremental Pharmaceutical Innovation: Benefits for Indian Patients and Indian Business” underscores the critical role that the protection of incremental pharmaceutical innovation must have in ensuring the development of new drug products that meet the needs of Indian patients.
The Synergies Summit will be attended among others by Indian Commerce and Industry Minister Anand Sharma, US Secretary of State Hillary Clinton, Commerce Secretary Gary Locke and US Trade Representative Ron Kirk.
Industry titans such as USIBC board chairman Indra K. Nooyi, chairman and CEO of PepsiCo; Anil Ambani, chairman and CEO of Reliance - ADA Group; Azim Premji, chairman of Wipro; and Sy Sternberg, retired chairman and CEO of New York Life Insurance Company will also take part.
Commissioned by the USIBC and the Coalition for Healthy India (CHI) bringing together members of the US and Indian business communities supporting improved access to healthcare in India, the report was funded by the US Chamber of Commerce’s Innovation, Development and Employment Alliance and produced by White & Case LLP and Dua Consulting.
The report reasons that Section 3(d) of India’s Patents Act, which prevents incremental pharmaceutical innovations from receiving patent protection, inhibits development of safer, more efficacious and more useful drugs for Indian patients, USIBC said.
Drawing upon studies of the impact of incremental pharmaceutical innovations on the economies of developed and developing nations, interviews with key stakeholders in the Indian pharmaceutical sector, and other methods, the report identifies a broad range of potential benefits of incremental pharmaceutical innovation for India.
Along with USIBC and CHI, David Simmons, president and general manager, Established Products Business Unit, Pfizer, will participate in the release event Wednesday.
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