The Indian pharma market has registered a CAGR of 15 per cent over the past five years and it is a matter of pride that over 70 per cent of patients in 87 countries get ARVs from India. said Mr S Rao.
Madrid, Spain (PRWEB) October 16, 2012
It is no secret that India is the leading exporter in generic formulations. In fact, almost 2/3rd of these exports are to the highly regulated markets like the US and Europe, a fact which speaks a lot about the quality of the Indian medicines. However, as the industry is getting more competitive by the day, it is important for the industry to realise the fact that there is a need to maintain a right balance between quality and affordability.
At the same time, India is on the track to expand its reach to newer markets which makes it equally critical for the Indian pharmaceutical industry to keep its focus on quality, affordability and accessibility of medical solutions for the global pharma market.
During the inaugural session, after the opening remarks by Mr Sunil Lal, Ambassador of India to Spain, the audience was addressed by Mr S R Rao, Commerce Secretary, Ministry for Commerce and Industry, Government of India.
"This event gives a perfect platform to meet the pharma business leaders from India who have revolutionised the Indian Pharma sector over the past two decades," said Mr Lal.
"The Indian pharma market has registered a CAGR of 15 per cent over the past five years and it is a matter of pride that over 70 per cent of patients in 87 countries get ARVs from India. As the generic segment gains more traction, there is more competition and at the same makes it a low-margin business. There is a need to develop competencies that will drive the growth of the Indian pharma market beyond 2013," said Mr Rao.
Realising that there has been many improvements in the overall quality of the products in the Indian pharma market over the past few years but there is a strong need to convey these changes to the global audience, a presentation by Mr S E Reddy, Deputy Drug Controller General, India Ministry of Health & Family Welfare Government of India was made on the Regulatory Framework of India in the pharmaceutical sector.
"India is regulating APIs as drugs unlike the scenario in many developed countries. Factors like these reiterate the fact that Indian medicines are high in quality and at the same time cost-efficient," said Mr Reddy.
The closing remarks for the session came from Mr N R Munjal, Chairman, Pharamexcil highlighting the fact that Brand India Pharma campaign has made giant strides since it was launched in March this year. "There is a need to maintain a balance between profitability and to heal the global ailing human society," he said.
After the closing remarks for the power-packed inaugural session, a panel discussion chaired by Mr Rajeev Kher, Additional Secretary, Department of Commerce with Mr Y K Hamied, Chairman, Cipla and Mr Hari Babu, Managing Director, Mylan, Ajit Singh, Chairman, ACG Worldwide, Brian Tambi, Former CEO, Morton Grove Pharmaceuticals and Mr Anuj Reddy, Vice President - Business Development, Wockhardt and Mr Venkat Jasti, Past Chairman, Pharmexcil moderated the session.
"The Government of India is contemplating to institutionalise production in the Indian pharma sector, recognising that tier-II generic companies are operating on a low margins and require government funding and institutionalising a program which will aim at tying up access to the new export markets," said Mr Kher adding that the track and trace mechanism developed by the Government for the Indian pharma industry will further improve the perception about the quality of the Indian products.
"92 per cent of the total drugs used in the treatment of HIV are from India, which shows the strong position of the country. If the Indian pharma industry is in confidence, we will surpass the government target of US$ 25 billion pharma export by 2015," said Mr Hamied.
Largely agreeing to the points made by the panel so far, Mr Babu stressed on the fact that there is a need to promote that India has a capability to produce the best quality medicines across the globe.
"The industry needs to support the government in a big way to make the track and trace system a successful proposition for the industry," said ACG's Mr Singh.
In brief, the panel discussion focused on the achievements of the Indian pharmaceutical industry, especially in the generics market, and how industry and Government needs to bring in more alignment to make it a win-win situation for all the stakeholders.
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India Brand Equity Foundation is a Trust established by the Ministry of Commerce with the Confederation of Indian Industry (CII) as its associate. IBEF’s primary objective is to promote and create international awareness of the Made in India label in markets overseas and to facilitate the dissemination of knowledge of Indian products and services. IBEF is engaged in building Brand India. Towards this objective IBEF works closely with stakeholders across government and industry