The Tamil Nadu chapter of the Indian Drugs Manufacturers Association (TN IDMA) has created an Investment Guidance Cell (IGC) to attract foreign investors and to highlight the huge investment potentials available in the pharmaceutical sector in the state.
The Cell, comprising industry doyens from leading pharma companies, was formed after the Global Investor Meet (GIM) held at the Chennai Trade Centre on September 9 and10, and is aimed to transform the pharma sector into a vibrant and dynamic entrepreneurial area to attract growth prospects athe pharma industrial sector. Tamil Nadu has achieved a significant position in the national pharmaceutical scenario and has a huge pool of pharma experts and scientists with potential to take the industry to a very high level, sources from TN IDMA said.
“Representing the pharma industry in the state, five companies from Chennai attended the GIM. Based on their feedback, TN IDMA has decided to set up a guidance cell to attract more investment inflows to the pharma sector,” said M Rajaratinam, managing director of MMC Healthcare Ltd, who floated the idea for the creation of the IGC.
The Cell will give full guidance and knowledge to the international investors community about the pharma industry and its future growth prospects. The Cell will also undertake the promotion activity of the investment areas in the pharmaceutical sector which include the area of API, formulations, marketing, contract manufacturing, clinical trials, etc. Further it will promote the spirit of entrepreneurship among NRI investor community to utilize the potential of pharma sector in the state. Indian pharma industry is one of the most attractive investment destinations and Tamil Nadu state forms a big part of it. The state has the potential to become a prime destination for manufacture of branded, generic and branded generic medicines with a strong export capability, opined Rajaratinam.
Foreign companies, financial institutions like banks, investors, venture capitalists, private equity players, etc are the targeted investors into the state’s pharma sector.
Tamil Nadu has all the resources available for the growth of pharmaceutical industry and is blessed with world class experts in the field for advising and directing the industry and investor community. But the state lacks investment in business, which is the only hurdle for growth. If the state pharma sector can attract more investors from outside, the situation will improve the big and small companies in the state, he pointed out.
Tamil Nadu has 450 drugs manufacturing companies, out of which 120 units have WHO GMP facilities. Two big players have US FDA recognition and another two companies have UK MHRA facilities.