Shrinivas V Dempo, Deputy Chairman – CII Western Region,Dr. M Venkateswarlu, Drugs Controller General (in-charge),Ajay Piramal, Chairman – CII National Committee on Drugs & Pharmaceuticals
In order to compete in the global arena, Indian pharma sector should explore something beyond the low-cost opportunities, said Dr. M Venkateswarlu, Drugs Controller General (in-charge), Government of India.
Speaking at the CII Pharma Summit 2006: 'India Pharma Inc. - Competing Globally,' held in Mumbai today, he said, "We must stop competing the way we are. There is a need to identify other areas, compete on quality, systems and superiority in order to convert 'Advantage India' into tangible benefits."
In his inaugural speech, he stressed on the need for regulatory authorities and industry stakeholders to interact and interface on a common platform facilitated by CII to debate, discuss and evolve a consensus on pending issues like clinical trials. He also said that making research more attractive was critical for growth. Indian companies need to go beyond just the cardiac and diabetes segments and address lifestyle and old age diseases, which have great potential for growth.
Commenting on the need for regulations that enable such growth, Dr. Venkateswarlu pointed out that there is a need for policies to be more proactive in nature. They need to be transparent and practical so that even the layperson can understand them. Above all, regulations should be evolved by consensus of stakeholders and in harmony with global regulations.
Elaborating on the Summit theme and its objectives, Ajay Piramal, Chairman - CII National Committee on Drugs & Pharmaceuticals, Chairman - CII Pharma Summit 2006 and Chairman - Nicholas Piramal India Ltd., said that the focus is on setting a vision for India to move up the value chain through R&D analysis. "Many sectors of the pharma industry can have a global presence," he pointed out.
Shrinivas V Dempo, Deputy Chairman - CII Western Region and chairman & managing director, V S Dempo & Co. Pvt. Ltd., highlighted the increasing FDI inflows in the pharma sector and said that consolidation would become more imperative for Indian companies in the years to follow. India has become a fast growing destination and after the patent protection era, pharma companies have increased their R&D spends. The time is right for a successful journey, he pointed out.