India's generic drugmakers thriving, as people favor lower cost drug

Higher sales of generic drugs and India's Jan Aushadhi initiative, that makes available quality drugs at affordable prices through dedicated stores selling generic medicines, are eating into volumes of branded generics players. As the buying capacity of consumers has reduced in light of the COVID-19 lockdown, there is a growing preference for generics and lower-priced medications, reports The Pharma Letter’s India correspondent.

Many people across India tend to opt for generic medicines, given the escalating cost of healthcare. While they are way cheaper than branded drugs, generics are also backed by the Indian government which has made it mandatory for physicians to prescribe medicines by generic name.

At a recent virtual event, Commerce Minister Piyush Goyal reiterated that drug price controls are here to stay. Mr Goyal insisted the Indian government would continue to cap prices of essential drugs to ensure affordable healthcare services to the public.