CURRENT ORPHAN DRUG SOCIOECONOMIC SCENARIO AND FRAMEWORK FOR ACHIEVING SUSTAINABLE DEVELOPMENT GOALS

Orphan medications are drugs created by the pharmaceutical sector for financial reasons but that address a public health need. An orphan drug is defined as a "product that has the potential to treat a rare disease but does not have a large enough market to cover the costs of development." Before 1983, due to the small population and lack of incentives, pharmaceutical companies were unwilling to invest in orphan medications, and only a few were accessible on the market. On January 4, 1983, Congress established "the US Orphan Drug Act" to support orphan drug research by conducting studies on uncommon diseases. In India, orphan drug regulation has yet to be developed. Despite the fact that India is considered to have a higher percentage of "rare disease" patients than the rest of the world. Apparently, companies capable to produce orphan drugs have no economic interest to enter the market. Prescription medicine prices are determined by supply and demand in a free market. Low demand for orphan pharmaceuticals would result in excessively expensive pricing for purchasers, discouraging pharmaceutical companies from investing in research and development for new orphan drugs. The issue is that corporations that do not earn appropriate returns on investments in markets further away from them create empty 'offerings in all areas that are not profitable but vital to the collective health.