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Pharma Intro and Background
Pharma Intro and Background
[1] According to Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, the total turnover of India's pharmaceuticals industry between 2008 and September 2009 was US$21.04 billion.[2] While the domestic market was worth US$12.26 billion. Sale of all types of medicines in the country is expected to reach around US$19.22 billion by 2012. Exports of pharmaceuticals products from India increased from US$6.23 billion in 2006-07 to US$8.7 billion in 2008-09 a combined annual growth rate of 21.25%.[2] According to PricewaterhouseCoopers (PWC) in 2010, India joined among the league of top 10 global pharmaceuticals markets in terms of sales by 2020 with value reaching US$50 billion.[3] Some of the major pharmaceutical firms including Sun Pharmaceutical, Cadila Healthcare and Piramal Healthcare.[2] The government started to encourage the growth of drug manufacturing by Indian companies in the early 1960s, and with the Patents Act in 1970.[4] However, economic liberalization in 90s by the former Prime Minister P.V. Narasimha Rao and the then Finance Minister, Dr. Manmohan Singh enabled the industry to become what it is today. This patent act removed composition patents from food and drugs, and though it kept process patents, these were shortened to a period of five to seven years. India's biopharmaceutical industry clocked a 17 percent growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial year over the previous fiscal. Bio-pharma was the biggest contributor generating 60 percent of the industry's growth at Rs.8,829 crore, followed by bio-services at Rs.2,639 crore and bio-agri at Rs.1,936 crore.[6]
FDA are expected to be filed by Indian companies[21,27]. Growth in other fields notwithstanding, generics are still a large part of the picture. London research company Global Insight estimates that Indias share of the global generics market will have risen from 4% to 33% by 2007[27]. India has play a greatest role & plate form for world's pharmaceutical company in very cheap price and land. Every pharma company can grow in India very easily. Indian Pharmaceutical Industry has witnessed a robust growth from US$ 11.4 billion in 2010 to US$ 13 billion in 2011 with a scorching pace of growth of 15%. The industry ranks 3rd in terms of volume and is 14th in terms of value globally. Showing tremendous progress in terms of infrastructure development, technology base creation and a wide range of products, the Indian pharmaceutical industry has established its presence and determination to flourish in the changing environment. Projects worth more than 1.2 billion dollars are currently under implementation on various products, suggesting massive investments by Indian pharmaceutical companies.
R&D
Both the Indian central and state governments have recognized R&D as an important driver in the growth of their pharma businesses and conferred tax deductions for expenses related to research and development. They have granted other concessions as well, such as reduced interest rates for export financing and a cut in the number of drugs under price control. Government support is not the only thing in Indian pharmas favor, though; companies also have access to a highly developed IT industry that can partner with them in new molecule discovery in r&d.