After becoming a signatory to the global TRIPS agreement, India is being viewed by the world market as a global hub for clinical research trials in the development of critical molecules for the pharmaceutical sector. The McKinsey Report estimated the volume of Clinical Research business in India to be around US$ 1000 million by 2010. This would translate into the opening up of 50,000 exciting new career opportunities for professionals in India.
A number of factors stand firm to India being the prized destination for clinical trial development among global pharmaceutical majors. These include:
o Availability of intellectual medical, pharmacy and science graduates
o Low cost, yet state of the art infrastructure development facilities
o Comparative cost advantage in clinical trial development
o Changes in the patent laws
o A diverse patient pool for conducting clinical trials
India has numerous clinical research players who are ready with a global standard infrastructure and the manpower to support drug development initiatives of several pharmaceutical companies and entrepreneurs.
To facilitate a substantial increase in R&D activities of both multinational and domestic biopharmaceutical companies, India currently offers a 10-year tax concession benefit on revenue to companies making Research & Development (R&D) investments in the country. Analysts project that the total Clinical Research spending in India will increase by more than 30% annually through 2010. A study by Ernst and Young indicates that the total market value of Clinical Research performed in India is expected to grow to around US $1.5-2 billion by the year 2010.
Many pharmaceutical organizations and clinical research organizations have already come forward to unlock the vast potential that India has, and are conducting clinical trials in India. Thus there will be a huge demand for qualified and trained clinical research professionals thereby making clinical research an interesting career option in India.
(Courtesy: Institute Of Clinical Research (India))