News Excerpt:
India, South Korea, USA, Japan, European Union (EU) launch Biopharmaceutical Alliance.
More about the news:
- The inaugural meeting was held in San Diego, California during the Bio International Convention 2024, the world's largest biopharmaceutical exhibition.
- They agreed to coordinate the respective countries' bio policies, regulations, and research and development support measures.
What are Biopharmaceuticals?
- Biopharmaceuticals are medical drugs produced using biotechnology.
- They are proteins (including antibodies), and nucleic acids (DNA, RNA, or antisense oligonucleotides) used for therapeutic or in vivo diagnostic purposes.
- They are produced by means other than direct extraction from a native (non-engineered) biological source.
- The first such substance approved for therapeutic use was recombinant human insulin, which was developed by Genentech and marketed by Eli Lilly in 1982.
Need for the alliance:
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The Biopharmaceutical Alliance was launched in response to the drug supply shortages experienced during the Covid-19 pandemic.
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The alliance is launched to put joint efforts into building a resilient and sustainable supply chain in the biopharmaceutical sector.
- They acknowledged that the production of essential raw materials and ingredients is concentrated in a few countries and agreed to work together to build a detailed pharmaceutical supply chain map.
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Bio International Convention 2024
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