Indian Drug Manufacturers Association Secretary General Touts Prospects (Asia)
This article was originally published in PharmAsia News
Executive Summary
Indian Drug Manufacturers Association (IDMA) secretary general Daara Patel says Asia's pharmaceutical industry is expanding, with especial strength in China and India, and with strong investment backing from global companies. India itself is well positioned to take advantage of the downward pressure on pharmaceutical prices because India's domestic industry can supply high-quality affordable drugs and active pharmaceutical ingredients to global markets. Patel predicts that Asia's overall pharmaceutical market will surpass the markets in the United States and Europe in the next few years. Japan and India also will soon be developing a steady pipeline of innovative drugs, he predicts. Today Korea, Singapore, and India-based scientists are pioneering new research in stem cells and therapeutic cloning. Asian companies looking to develop new drugs will have to look for larger partners, just like U.S. biotechnology start-ups usually partner with capital-rich corporations for clinical testing and market help. Patel says Asian pharmaceutical companies have a global advantage because they can "retain their cost advantage while matching the quality standards of the West." However, he warns that cost advantage is not enough, and that "a favorable regulatory environment that assures compliance with global norms are the other two legs underpinning success." (Click here for more