Affordability of a drug for patients is a major concern when prices are determined, as a pharmaceutical company has to consider competition in the market.
ENFORCEMENT OF LAWS AND REGULATIONS
Intellectual Property Rights (IPR) violations are a serious cost to any research based pharmaceutical industry; it can also lead to issues such as counterfeiting and production of sub-standard drugs.
PUBLIC PROCUREMENT OF DRUGS
Pharmaceutical companies are applying for tenders on breakeven prices i.e. on no profit no loss basis, for certain drugs as to assist the government to achieve their healthcare objectives.
PUBLIC PRIVATE PARTNERSHIPS
Public and private sector collaboration improves service, effectiveness and efficiency and helps reduce cost.
Investments in technology upgrades should be made duty free, as it would bring innovation and efficiency in the pharmaceutical sector.
Instead of defining a term limit for contract manufacturing, licenses should be awarded to only those pharmaceutical companies that adhere strictly to the cGMPs (current Good Manufacturing Practices).