How Japan is trying to beef up its pharmaceutical industry
- Japan's health ministry is attempting to bolster the country's pharmaceutical industry. One proposed tactic? Raising government-set drug prices to spur more innovation in R&D.
- The government's goal is to increase the use of generic drugs so that 80% of all drugs taken are generic by 2020, compared with only 46.9% in 2013.
- In addition, the proposal highlights the need to further consolidate the generics industry to make it stronger.
The upshot of the report from the Japanese government is that the country's biopharma industry is not sufficiently innovative, and that there is an overreliance on use of off-patent drugs.
Rather than continuing that trend, the government would like to see more R&D, more new product approvals, and a stronger generics industry that could take off-patent drugs and create generic copycat versions.