India’s Generics Overview: A Market on the Verge of Something Big
Steps have also been taken to streamline procedures covering development of new drug molecules and clinical research- including two schemes ‘New Millennium Indian Technology Leadership Initiative’ and the ‘Drugs and Pharmaceuticals Research Programme’, which has been specially targeted at drugs and pharmaceutical research.
Indian Companies Invest US $ 500 Million in R&D
Already this year, India’s Dr. Reddy’s, Lupin Labs, Sun Pharma, Ranbaxy and Cipla have invested over $ 500 million in R&D, which is allowing increased innovation in manufacturing processes and will ultimately help to lower the cost of medicines production.
“India, termed as the Pharmacy of the World, has a basket of wide spectrum of generics that are second to none in terms of quality. The industry is on the track to expand its reach to newer markets, which makes it equally critical for the Indian pharmaceutical industry to keep its focus on quality, affordability and accessibility of medical solutions for the global pharma market. The country’s success in generics manufacturing is helping to keep our industry at the forefront of innovation and over the next few years we are lending our support to the R&D effort across the country so that we are leading in generics production and even developing new drugs out of India” said Additional Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Mr Rajeev Kher.
A World Leader in Generics
“Being a world leader in generics, India already has a huge presence in the highly regulated markets in terms of pharma exports. Almost two thirds of Indian generic exports are to the highly regulated markets (e.g. the US and Europe), which speaks volumes about the quality of Indian medicines. The Government of India is supporting Brand India Pharma campaign to reiterate that the Indian pharma market offers credible, affordable and sustainable healthcare solutions” said Director General, Pharmexcil, Dr P V Appaji.