HiTech Health is now in India to scout for Indian bio pharma companies that are keen to make a maiden presence in the global markets with an entry into Ireland’s well-established life sciences cluster.
The Dublin-based two year-old company engaged in project management consultancy is part of the IDA Ireland, an inward investment promotion agency responsible to tap prospective foreign investments. Ireland is home to nine of the top 10 world's leading pharmaceutical and biotechnology companies present in Ireland indicating the industry friendly environment.
The expertise of HiTech Health covers technical transfers, scale-up, registration of new products, assessment of poor processes and providing solutions for the same.
“Indian companies are recognised for their prowess in generic drug and biosimilar manufacture. We are working to discuss with the small and medium biotech and pharmaceutical companies to view Ireland for its life sciences clusters that would provide the undue advantage of competence and achieve economies-of-scale in research, manufacture and clinical trials besides the convenience to access global markets. Our focus is to chip in support as a consulting and services company and enable Indian bio pharma companies to capitalise on Ireland’s advantages”, Dr. Brain Harrison, managing director, HiTech Health Limited told Pharmabiz on the sidelines of the Bangalore India Bio 2015 being held in Bengaluru.
The presence of small, medium and large bio pharma companies including start up enterprises here at Bangalore India Bio is viewed as the right platform to network, he adds.
The key objective is to inform the bio pharma company heads that HiTech Health would support for expansion into Ireland which is the gateway to European Union markets. The region cannot be ignored for export expansion, says Dr Harrison who had served earlier in a couple of global multinational majors.
Now the big advantage for the small and medium Indian bio-pharma is the presence of Wockhardt, Reliance Life Sciences, Ranbaxy in Ireland.
According to IDA Ireland, Indian companies can drive revenue generation from European and US markets given the time zone, common language, Ireland’s track record in pharma and biotech. The country’s 12.5 per cent corporation tax is the biggest attraction allowing companies access to funds for growth and expansion.
The benefits to invest in Ireland would also result in faster regulatory clearances from the European Medical Agency (EMA). “We would provide the guidance to register drugs and prepare documents. The simplified procedures make Ireland an ideal launch pad for India’s bio pharma companies to seek speedy clearances for commercialisation with seamless transition of intellectual property approvals”, says Dr Harrison.
“Therefore small and medium bio pharma companies and life sciences start-ups need to consider Ireland in their game-plan for growth and revenue generations from the global markets. HiTech Health would handhold potential Indian bio-pharma ventures to facilitate their plans quickly and give a spur to overseas growth prospects if they decide on investing in Ireland, says Dr Harrison.