Main hurdles in Indian Pharmaceutical Industry
During the recent years, there has been serious concerns among US businesses and lawmakers over IP in India where Clinical Trials, Infrastructure and Policies are the biggest hurdles in driving research and development in Indian Health care Sector. While both global and Indian industry leaders opine that India's intellectual property (IP) situation needs to be addressed and clarified, they have highlighted that in fact clinical trials, infrastructure and policy are the biggest obstacles for India to meet its potential of driving R&D innovation at scale.
Recent reports from 'Crossing the Next Horizon: Will India play a Meaningful Role in Global Biopharma Innovation?'. lays out the myths and facts about the biopharma innovation in India. The findings would help senior management of biopharma companies fine tune their R&D strategy and help leverage India's pockets of R&D strengths.
According to excerpts of the report, many global R&D heads and CEOs emphasise the need for Indian companies to shift from 'deals' that offer only cost arbitrage to alliances that focus on innovation, quality and service. The report notes that emerging markets such as India can play a significant role in collaborations, providing not only more cost effective innovation, but access to new talent, technologies and assets to fill currently dry pipelines.
The Indian healthcare sector has tripled in size in the last decade from USD 23 billion in 2002 to USD 70 billion today, but India continues to lag peer countries in spending, outcomes, health manpower and infrastructure, it said. Within healthcare, the Indian pharma market has also shown strong growth from USD 6 billion in 2005 to USD 18 billion today and is expected to grow to USD 45 billion by 2020.
Discussions with several global and Indian industry leaders indicate a widespread acknowledgement of India's potential for R&D innovation and while the fundamental drivers of the 'India advantage' exist, the opportunity has not played out as expected.
India holds a vast and largely under-tapped pool of drug innovation resources and capabilities.
While the report recommends that the Indian government fix and clarify relevant policies and regulations around clinical trials and IP; focus cross-border and cross-entity collaboration on building talent and infrastructure across clinical trials, PI training and basic research. These strategic partnership not only enhance to overcome the hurdles of healthcare sector in India but also improve the quality of life.
No comments:
Post a Comment