USIBC hails Abbott Lab for slashing life-saving drugs cost

Washington, Apr 17 (UNI) The US-India Business Council (USIBC) has appreciated Abbott's decision to significantly reduce the cost of its life-saving drug, Kaletra (a protease inhibitor to treat HIV/AIDS), in 40 developing countries, including India.

In a statement issued yesterday, the USIBC said, ''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,'' it said.

USIBC President, Ron Somers, praised Abbott's social responsibility, saying, ''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.'' UNI