Financial Daily from THE HINDU group of publications
Monday, May 23, 2005
Financial Daily from THE HINDU group of publications Monday, May 23, 2005 |
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Industry & Economy
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Pharmaceuticals Pharma industry must focus on R&D, generics to exploit potential: CII Our Bureau
New Delhi , May 22 THE Indian pharmaceutical industry has the potential to be worth $48 billion by the 2007, said a Confederation of Indian Industry study. The industry should export domestically produced generics, and present itself as an offshore location for research and development destination. India could evolve a global landscape by consolidating and creating large global generic players, stated the industry chamber, adding that the top ten generic players constitute 27 per cent of the global market. It has also called for special focus on R& D on chronic diseases and lifestyle drugs. In India, research spending on life threatening disease is abysmally low, and it has to increase if India has to position itself as a global leader in the pharmaceutical sector. The study has recommended greater incentives for investments in R&D, and higher Exim Bank allocations. For clinical trials, the CII study states that it would be imperative to improve the regulatory approval process and increase public awareness and transparency. In order to encourage further investment in contract manufacturing facilities, the study has recommended providing incentives such as special zones or registration of global sourcing units for extended tax holidays and other incentives. It has also suggested soft loans for world-class manufacturing facilities and soft loans for modernisation and for encouraging consolidation of small players in addition to tax holiday period.
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