The United States India Business Council (USIBC) has applauded the decision of Abbott to significantly reduce the cost of its life-saving drug, Kaletra (a protease inhibitor to treat HIV/AIDS), in 40 developing countries, including, India.
The reduced price is lower than any generic price available in the world today for this medicine and is approximately 55 per cent less than the average current price in these countries.
Abbott and the World Health Organisation have agreed on a balanced approach which increases access to this vital drug while preserving the incentives which encourage the development of new drugs in India and around the globe.
"This is good news for nearly 5.7 million Indians living with HIV/AIDS. This agreement, endorsed by the WHO, contributes to India's public health and demonstrates the benefits of innovation through intellectual property protection," Ron Somers, President of the USIBC said in a release.
The USIBC is the premier advocacy organisation representing over 250 of the largest U.S. Companies investing in India, joined by global Indian companies, promoting economic reforms with an aim to deepen trade relations and broaden commercial ties.