Model N, a revenue management solutions provider for pharmaceutical, medical devices and biotech companies, on Wednesday said it would invest $8 million in its India operations by financial year 2010-2011.
The company has partnered with Sierra Atlantic, an offshore enterprise applications and Outsourced Product Development (OPD) company, to extend software development and offer premium services and solutions for Indian pharma companies.
“We have been steadily investing in India an operation, which is our Asian headquarters. So far, we have invested $3.8 million in India. Going further, we have lined up investments of Rs 5 million for financial year 2010 and $8 million for the subsequent fiscal year,” said Zack Rinat, Founder and CEO, Model N. Globally, the company has decided to invest $120 million during financial year 2010 and $200 million in financial year 2011.
He added that pharma companies globally have shelled out nearly $6 billion on fines for failing to comply with various regulatory standards.
“What is required is synchronization of information between technology platforms so that it can be shared easily among departments managing several aspects of the value-chain,” he said.
Outlining the market opportunity and the potential available in the Indian pharmaceutical industry, he said that India would be the 10th largest market by 2015.