The Indian healthcare industry is poised to double from $60 billion to $120 billion by 2015, growing at a 15 per cent CAGR. In fact, By 2021, over 143 million people will be above 60 years of age, close to 16 million households will fall in the category of high-income, and heart disease, diabetes, and cancer will show a combined average decadal growth of 47 per cent. Such factors have caught the interest and attention of investors, big and small especially because public spend in the sector is likely to be limited to 20 per cent of the annual healthcare spend and most of the expansion would be propelled by the private sector, including those in the U.S.-India Business Council.
The Life Sciences Executive Committee influences and advances policy and regulatory regimes by promoting best practices and market-based solutions to positively impact life sciences companies in both India and the United States. It formulates an annual work plan and leverages key platforms like the U.S.-India Health Dialogue, the U.S.-India Strategic and Commercial Dialogue, the Trade Policy Forum, and the High Technology Corporation Group. It also leads industry trade missions to India to directly advocate for policy reforms and develop platforms for members to interact with business leaders and government officials.
Pharmaceuticals, Medical Devices, and Health care Providers
The Government of India is in the process of developing regulatory schemes to ensure security for network elements and safety for Indian consumers. Member companies actively engage with the Government of India to advocate for globally recognized standards and mutual recognition of testing facilities worldwide.
Intellectual Property (IP)
Secure IP protections, consistently enforced, are aligned with the Government of India’s goals of bringing growth to India through research, innovation, and manufacturing. There is a strong, positive, and well-recognized correlation between foreign direct investment inflows and reliable IP regimes. The Council will continue to urge government officials to reassure investors that India values innovation and the protection of IP.
Pricing and Reimbursement
The Council encouraged the Government of India to consult with all relevant stakeholders, including industry, in advance of decisions affecting the pricing of pharmaceuticals and medical devices.
Healthcare Spending and Infrastructure
The Committee has supported the Government of India in its efforts to increase access to health care by setting a goal of 2.5% of GDP toward health care in the 2015-16 fiscal year. India continues to increase the number of hospital beds, doctors, and nurses but the need for increased capacity exists.
Andhra Pradesh, New Delhi
Led an executive-level delegation of pharmaceutical companies to meet with the Telangana and Andhra Pradesh governments to discuss investment opportunities, as well as conducted meetings with relevant central government officials in New Delhi to address core policy concerns.
The Committee assisted a U.S. company on receiving required approvals to expedite the opening of its manufacturing plant in the state. USIBC also led an executive medical device delegation to Gujarat to discuss increased access to healthcare and manufacturing in India.
Coordinated regular meetings with the Indian Embassy and U.S. Government stakeholders on both company-specic and industry-wide issues to raise awareness and understanding.