India is expected to emerge as a hub of clinical research because of the recent changes incorporated in the Patent Act, Schedule Y and awareness created on GCP. This would add to India’s traditional capabilities in the field of pharmaceuticals, noted experts attending a three day international conference on clinical research, organised by Institute of Clinical Research, India (ICRI) in New Delhi.
The McKinsey report states that India would corner business of USD 1 billion in clinical research by 2010 as compared to USD 100 million today and would generate employment for over 50, 000 medical, life science and pharmaceutical graduates. Large number of global pharmaceutical companies and CROs are setting up offices in India, looking at India’s strength in terms of skill availability and resource base.
“This growth is significant when compared to other outsourcing industries like BPO and software,” noted Dr. S. K. Gupta, director, ICRI.
According to Dr. Gupta, the global clinical trial industry is valued about USD 45 billion and employs 2, 10, 000 people in the US and over 70,000 in Europe.
The conference also focused on the current development in the field of clinical research, especially in the area of drug development process, regulatory requirements, management of the clinical trials, pharmacovigilance, and outsourcing clinical research in India.
Many international and national delegates attended the conference, which concluded today.