The pharmaceutical companies in India should focus on building up and long term relationship with its counterparts in Japan to increase its presence in the world's second largest pharma market, according to pharma experts from India and Japan.
The Japanese generic market, which is currently around 10 per cent of the total global market, may undergo a major change in the current year, as the general practitioners were allowed to opt for the generic substitutions of various drugs from 2006, according to Dr Brian W Tempest, chief mentor and executive vice chairman, Ranbaxy.
Presenting his speech on the overview of the Japanese pharmaceutical industry in the "India-Japan Pharma Seminar" conducted by Pharmexcil and the India Japan Initiative, an NGO, he said that Japan is now turning its attention from China to India, as the country offers quality service in innovation, knowledge driven industries and education.
Japanese pharma market is inaccessible to many of the global players due to various adversaries including stringent regulation. The Japan market, where 12 per cent of the pharmaceuticals from the world are sold, is in the second place after US. The highly potential sector can become a perfect market for Indian pharmaceutical companies if they have patience and long-term strategy, according to Tempest. He added that the Japanese companies are interested in Indian API sector.
The best opportunity for Indian companies is to create tie-ups with the Japanese companies. But the Indian players needs to be punctual to ensure speedy and quality delivery, he explained.
The main issue related to the regulatory approval for Japanese operations is the lack of speed from the Japanese regulatory authorities, according to Koji Miura, manager-business development, Eisai Pharmaceutical India, the Indian arm of Japan's fifth pharma major Eisai Co Ltd told. He said that the Japanese regulatory authority is fair in its operations, but is slow in approval operations.
"The main thing you have to take care of, if you are planning to enter into Japanese market, is to deliver quality products and to create long-term relationship. I am emphasising on long term relationship and keeping gentleman's deal with the Japanese companies because it is that much important in the market," Miura said.
The Japan India generic drugs initiative for exports, Pharmaceutical and Medical Devises Agency (PMDA), to build market relations within the countries, will help India to have its better presence in Japan, said D B Mody, chairman, Pharmexcil in his address.
The seminar discussed various cultural, business and regulatory aspects on export opportunities of Indo-Japan pharma industry collaboration. Japanese Consul General Hyosuke Yasui inaugurated the seminar, in which eminent experts from the field presented their views on the Indo-Japan business relationship.