India has the potential to be hub but has long way to go express the Indian Pharma Industry leaders at 6th Pharma Summit 2008: "India Pharma Inc. – An Emerging Global Pharma Hub" organized by the Confederation of Indian Industry (CII) in Mumbai on 10th September 2008.
The Pharma leaders – Ranjit Shahani Vice Chariman & MD Novartis India Ltd, Prashant Tewari Managing Director USV Ltd, Dr. Swati Piramal Director Primal Healthcare Ltd, S.V.Veerramani Chairman & Managing Director Fourrts (India) Laboratories Pvt Ltd and Jai Hiremath, Vice Chairman & Managing Director, Hikal Ltd. present at the summit concluded that the Industry is moving in right direction and with few things like proper policies, infrastructure etc need to fall in place. The new drugs developed here will change the whole scenario of drug development in India. There is lot of talent in India which needs be tapped. Pharma SMEs can also contribute to a large extend in the Pharma R&D. The Industry needs to focus on Eco- system relating to product innovation and the reliability of Indian pharma companies has to be absolutely unquestionable.
Earlier in his welcome remarks, Mr Banmali Agrawala, Chairman, CII Western Region and Executive Director – Strategy & Business Development, The Tata Power Company Ltd. said that Indian Pharma industry was getting geared to meet greater challenges.
"Dynamics of the pharma industry is changing all over the globe. With the spiraling costs of research and manufacturing, the multinationals are devising strategies to reduce costs and increase profitability. The Big Pharma are increasingly looking at the emerging economies to outsource research and manufacturing activities. With drugs worth about USD 47 billion going off patent in the US market alone over the next three years, vast market opportunity for contract manufacturing and generics have emerged", stated the Speaker.
"Indian Pharmaceutical industry poised for a rapid growth and is having a potential to achieve third position in short span in the global market. There are lot of opportunities and we are taking every step to help the industry," said Dr Surinder Singh, Drugs Controller General, Government of India.
In his speech Dr Singh outlined various initiatives taken by the government. "Policy initiatives like revisions in the Patents Act, stringent measures to prevent making of spurious drugs and creation of pharma R&D fund with corpus of US $ 33.3 million are some of the steps taken by the regulator”
The office of the Drug Controller General of India will be soon adopting a single window facility for clearing new drug approvals. The move is in a bid to speed up the whole process of approving new drugs, according to Dr Surinder Singh, DCGI.