Going by the fact that India has been able to provide quality and affordable HIV, TB and malaria medicines to third world countries, the industry has to move up the global pharma value chain as India accounts for less than two per cent of the global sales. Industry stalwarts deliberated on the subject at a panel discussion held to announce the UBM India Pharma Awards scheduled to be hosted in Mumbai on December 2, 2013.
The award is meant to recognize and reward path-breaking initiatives in key areas of quality, product design, cost management, packaging, corporate social responsibility and R&D.
The Indian Pharma industry currently tops the chart amongst India's science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. "Besides focusing on generics, there is a need to develop innovative molecules by the Indian Pharmaceutical industry in order to gain foothold globally," said Dr Ajit Dangi, president and CEO, Danssen Consulting.
Having distinguished itself in being the front runner in criteria like ANDAs, DMFs and US-approved plants outside the US, Indian pharma industry is worth above US$ 20 billion and is growing at about eight to nine per cent annually. Notably 40 per cent of ANDA's in US FDA are from India till date.
Despite regulatory problems, Ranbaxy has recently come out with the first antimalarial in the world, which strengthens the industry's potential in terms of R&D. There has also been a growing need for pharmacists in India other than doctors to dispense proper medicines to the patient. Besides this, from simple headache pill to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously. The pharma industry in India meets around 70 per cent of the country's demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injectibles. There are about 250 large units and about 8000 small scale units which form the core of the pharma industry in India.
The event was graced by the jury of the UBM India Pharma Awards, including Dr Ajit Dangi, CEO, Danssen Consulting, Devinder Pal, president, Catalyst Pharma Consult, Murali Nair, partner, Ernst & Young and Kaushik Desai, director, Drug Information Association (DIA).