With the generics industry becoming increasingly competitive and complex as biosimilars and complex generics enter the market, Accord Healthcare is hoping that its position as the U.S. division of a global generics company will position it well for the future. Drug Store News spoke to Jeff Hampton, president of Accord Healthcare about the generics space and how his company stands out.
Drug Store News: Tell us about Accord Healthcare.
Jeff Hampton: Accord Healthcare is the U.S. division of Intas Pharmaceuticals — a global supplier of generic prescription medications since 1976. Today, Accord provides over 80 products to the retail and institutional markets. We are a major manufacturer of drugs for acute and chronic conditions supplied in the retail setting. Over the last 10 years, Accord has consistently been one of the fastest growing generic suppliers in the U.S. But we have never let our desire for growth supersede our most important goal of being a consistent and trusted supplier. Over the years, our key focus has been on building trusted relationships with our customers. Accord knows that all other efforts are meaningless if we cannot adhere to our guiding principles of high-quality standards and consistency in supply.
DSN: How has the pandemic influenced your company's strategies?
JH: The last 13 months has been a trying time for all of us. As Accord worked with our customers to navigate the difficulties of the pandemic, we witnessed vulnerabilities in our health care systems like no other time. Although always a priority, Accord has stepped up our efforts to secure all stages of the supply chain — from components to API, to finished dosage form and even warehousing and distribution systems. We have increased our number of manufacturing lines and ensured that critical molecules are prioritized. We have implemented advanced risk mitigation strategies to qualify additional API sourcing and to ensure that inventory levels on our drugs are maintained at higher levels.
DSN: What does the future look like for your company and for retail pharmacists in terms of generics?
JH: As we look to the future and see our businesses evolve, Accord will draw on its strengths as a pioneer in the industry. More and more, complex generic products, as well as biosimilars, will enter the retail space. By virtue of entering the biosimilar space very early in the European markets, Accord is well-positioned to partner with our retail pharmacies. Accord has developed expertise in patient awareness, education, and advocacy. Accord will soon be launching the first of many biosimilars, and these will reach the retail pharmacy space in 3 to 4 years’ time. This will be an exciting time for us all as these generic and biosimilar products will allow for an enhanced consumer interaction and benefit.
Our message to the retail pharmacies is that now more than ever, relationships with trusted suppliers is extremely important. From global supply chain interruptions to a changing landscape in types of medications provided in the retail setting, we need to maintain enriching and patient-centered partnerships like no other time. Accord Healthcare is well-positioned to face the challenges in the future, and we will continue to be a reliable ally and advocate for our retail pharmacy partners.