The US-India Business Council (USIBC) concluded its pharmaceutical & biologics executive mission to Hyderabad and New Delhi recently. The delegation expressed its commitment to the Indian market; called for further dialogue with the government on issues related to pricing, intellectual property, and clinical trials; and explored partnership strategies for expanding greater access to healthcare and developing an innovation ecosystem in India.
USIBC’s executive mission was led by Justin McCarthy, senior vice president for global public policy at Pfizer, and included senior representatives from Abbott, Actavis, Baxalta, Hospira, Johnson & Johnson, Merck, Mylan, and PhRMA.
On Monday April 20, the delegation met with top officials from both the Andhra Pradesh and Telangana Governments in Hyderabad. The delegation discussed investment opportunities in both states and identified the policy and regulatory conditions conducive to attracting investment in the life sciences sector. Although no investment commitments were made by the Council's member companies, USIBC and its membership remains committed to partnering at both the center and state levels to explore opportunities for growth.
In Delhi on April 21 and 22, the delegation met with the ministry of health, ministry of finance, Department of Industrial Policy and Promotion (DIPP), department of commerce, department of biotechnology, and the office of the Drugs Controller General of India. The delegation participated in an interactive round-table discussion on Innovation and Intellectual Property Rights: A discussion on policies, practices, and opportunities for US-India Business Relations organized jointly by USIBC and the Indian Institute of Corporate Affairs (IICA) and sponsored by Trilegal, a leading full service law firm in India. The delegation also joined briefings with US Embassy officials.
“As an industry, we look forward to partnering with the Government of India at both the state and central levels,” said Justin McCarthy, leader of the USIBC delegation. “We are encouraged by the positive signals we received on policy and regulatory issues that are critical to furthering growth of the industry, expanding healthcare access, and developing an innovation ecosystem in India.”
Formed in 1975 at the request of the US and Indian governments, the US - India Business Council (USIBC) is the premier business advocacy organization advancing US-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 300 of the top-tier US and Indian companies. The chairman of USIBC is Ajay Banga, CEO and president, MasterCard Worldwide.