The Indian Council of Medical Research (ICMR) in association with CII is organizing a two-day conclave on Life Science in New Delhi from August 27. Theme of the conclave is 'India: The Emerging Life Science Global Destination'. Union chemicals minister M K Azhagiri will inaugurate the two-day event.
The conclave is significant as even in the wake of global recession Indian Life Science Industry has shown favourable growth. With the effect of global recession showing upward trend, the Indian life science Industry is re-evaluating its position and is moving aggressively in the global front. This event will also focus on M&A models adopted in the current market situation.
IMCR director general V M Katoch, secretary in the Department of Biotechnology M K Bhan, secretary in the Department of Pharmaceuticals Ashok Kumar, CII national committee on biotechnology chairman Anand Burman, CII vice president Hari Bhartia and US FDA representatives will address the two-day conference in New Delhi.
Life science Industry around the world has been experiencing a setback due to global economic crisis and was finding it difficult to sustain in the turbulent environment. On the contrary the Indian Life Science Industry has grown favourably in this crisis. The economy slow down has opened up new vista for the Indian life science industry to work together with the companies around the world to come out with innovative business models.
As the global market need time to come to normal, the Global companies are looking at a low cost destination to outsource the R&D services, clinical research and manufacturing with minimal risk. Indian life science industry is at its best with a potential to capture and deliver to satiate the current requirements of the industry because of its skilled manpower, cost effective and quality products compliant to meet the global regulations. India with largest number of FDA approved plant outside US would pose an advantage to capture the inflow of new projects. In view of latest developments in global arena it is evident that efforts would be on making healthcare affordable. Life science industry should take this opportunity to comply more with global regulatory and quality requirements to grow and to build brand 'India'.
Indian biotech industry which currently hold two percent share of the global market is poised to touch a vision of five billion dollar by 2010 with the collective contribution from all sectors of Biotechnology industry. It would be ideal time for the Indian companies to look at the opportunity of acquisition of foreign biotech companies due to their devaluation after economic recession. This also provides a growing opportunity to develop a model to deliver innovation at low cost to the big player around the globe and look for global R&D/Technology tie-ups.
Drug discovery involves large investment to reach preclinical stage and companies would not afford to let such investment to go waste. It would be an excellent opportunity for Clinical research industry to take up relevant projects to take the industry to a better shape in years to come offering a most affordable drug development services making India a preferred destination of Clinical research. Contract Manufacturing is another area where Indian Life Science Manufactures should encash due to their International standards & capability.