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Pharma still ‘falling short’ in providing access to low- and middle-income countries, analysis finds
19 November 2024
Date
19 November 2024
Op-ed: How equitable access to medicines can drive sustainable returns for investors
With the launch of the 2024 Access to Medicine Index, the Access to Medicine Foundation’s CEO, Jayasree K. Iyer writes about why pharmaceutical companies should seize the opportunity to expand to new markets, especially those in low- and middle-income countries (LMICs), in an Op-Ed for the World Economic Forum.
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The 2024 Access to Medicine Index finds that large pharmaceutical companies are falling short of addressing access-to-medicine gaps in LMICs. In light of insights from the report, Iyer urges companies to see these markets as opportunities to gain new, loyal patient bases.Â
Iyer highlights a key insight of the report, namely, that pharmaceutical companies’ R&D efforts do not align with the disease burdens in LMICs, and instead, have the tendency to centre efforts around a narrower range of more profitable diseases.Â
Iyer adds that in addition to refocusing R&D efforts, it is important for pharmaceutical companies to include strategic planning that prioritises access, e.g. early registration, streamlined production and intentional product distribution. Â
In addition, she underlines that pharma companies should explore innovative access models involving technology transfers and non-exclusive voluntary licensing agreements.Â
She concludes that the best performers in the industry are already making strides by integrating patient-centric models, showing that it is possible to balance profitability with social responsibility.Â
