Pharmaceutical Industry Indian Pharma Sector Grows Despite Global Challenges
The Confederation of Indian Industry (CII) had recently organized the CII Pharma Summit, which focused on ‘India Pharma Inc: Changing Landscape of Indian Pharma Industry.' The Indian pharmaceutical industry is going through difficult times, yet the difficulties present opportunities to the sector to change and prepare to meet the forthcoming challenges...
Mumbai/India – Despite the difficult environment, which includes an economic slowdown, the Indian pharma market is valued at Rs 72,069 crore in 2013, against Rs 65,654 crore in 2012, as per a report brought out by Confederation of Indian Industry and PricewaterhouseCoopers.
The CII-PwC report, which was released at the summit, pointed out that there is a slowdown in growth, at 9.8 per cent from 16.6 per cent in 2012, and said impact is due to many reasons, including lower FDI, and due to new norms on pricing and marketing practices.
Slowdown in Clinical Trials Spooks Big Pharma
The report highlighted the pharmaceutical sector’s concern over the slowdown in clinical trials. The report said that India is seen as a great place for clinical trial for new pharmaceutical drugs, but in recent times, clinical trials have virtually ground to a halt, which in turn has impacted the development process of new drugs.
“India is a blessed market with a genetically varied people, which makes it good for clinical trials,” said H G Khosia, commissioner, Food and Drug Administration, Government of Gujarat, while speaking at the summit, “but due to PIL (public interest litigations) in court, clinical trials have come down.” He said that when a PIL was filed, the sector should counter it by giving the correct picture. “We are not against anyone, but we need new drugs to protect human lives,” he added.
Safe and Sound Regulation Needed for Pharmaceuticals
The report also said the clinical research industry and the government need to work closely to create regulatory mechanism that allows sound and ethically correct trials so that the benefits of clinical trials can be brought to patients in the country.