Boston, MA 09/16/2014 (wallstreetpr) – In order to sell hepatitis C pill- Sovaldi, in developing countries like South Africa, Vietnam and Honduras, Gilead Sciences, Inc. (NASDAQ:GILD) authorized various drug companies in India. The actual price of hepatitis C pill of the company is $1,000-a-day, which will now be sold at just a dime in the aforesaid countries.
Licensing Deals Signed
The biotech company based in California said that various licensing deals and agreements have been signed with generic pharma companies of India, which include Mylan Inc (NASDAQ:MYL), Ranbaxy Laboratories Limited (ADR) (OTCMKTS:RBXLY) and Cipla Ltd (ADR) (OTCMKTS:CPLFY). Sovaldi shall now be sold in 91 countries. The countries chosen to be included in licensing deal include over half of the hepatitis C population of the world.
Lower Price in Developing Nations
Gilead Sciences announced that the price of a Sovaldi bottle in India would be $300. A few other generic companies in India, in the meanwhile, said that the price of this medicine would be even lesser for their versions. This indicates that the patients of hepatitis C in 91 developing countries of the world will pay $10 per day for this medicine. Interestingly, it is just 1% price of what is being charged by the U.S. patients.
The Win-Win Situation for All
Gilead Sciences, Inc. (NASDAQ:GILD) will be able to attract lesser criticism regarding the higher price of Solvadi, which kept it out of patient’s reach in low-income countries. Gilead Sciences will be able to do so by allowing generic drug companies to sell less expensive versions of those drugs and keeping the price intact in the U.S. Meanwhile, companies in India are in a position to charge less because of lower manufacturing costs.
The Head of Medical Affairs and Corporate Affairs of Gilead Sciences, Gregg Alton said that Gilead Sciences, Inc. (NASDAQ:GILD) believes that capability and competition of partners will be able to cut down on price of such drugs. This will be done in not just Indian system, but also the health-care systems across the length and breadth of globe.
