Financial Daily from THE HINDU group of publications
Tuesday, Dec 24, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 24, 2002 |
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Industry & Economy
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Pharmaceuticals India can be major R&D base for pharma MNCs Our Bureau
HYDERABAD, Dec. 23 ERNST & Young Pvt Ltd, a leading player in professional services, has unveiled its first global pharmaceutical report titled `Partners with Vision' here on Monday. The Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, released the report. The report brings together industry, Government, academic and investment leaders to examine the major business, economic and regulatory issues shaping the pharmaceutical industry. The common theme underlying these issues was the paradox facing pharmaceutical executives — drive future innovation through substantial R&D investments and return competitive margins to shareholders while providing access to these pharmaceuticals at low or no cost. The Ernst & Young India Chairman and Country Managing Partner, Mr Kashi Memani, said `Partners with Vision' was the first global pharmaceuticals report from the professional services major. Stating that the State was pro-active in identifying the needs of the pharma industry, Mr Memani said initiatives such as ICICI Knowledge Park, the proposed Pharma City, Institute of Life Sciences and the Biotechnology Park, would help strengthen the State's position as a significant force on the global pharma map. According to the E&Y Partner and Industry Leader, Health Sciences, Mr Utkarsh Palnitkar, R&D and innovation would drive the global pharma industry over the next decade and the country had the potential to emerge as a major R&D and contract manufacturing base for large pharma companies. The report finds opportunities for India in contract manufacturing and contract research. With low cost, high quality advantage, the country was poised to benefit as large multinational companies would find it profitable to outsource production and research, the report said. According to the report, a key financial opportunity for the Indian pharmaceutical companies beginning from 2006 was the projected opportunity represented in the generics market. However, the report pointed out that strengthening of IPR regime was a must to derive maximum benefit of this market. The report identifies four key areas that must be addressed if the pharmaceutical sector has to overcome industry challenges, regain public trust and usher in a golden age of medicine. These include global regulatory and legislative risk management, corporate accountability and leadership, pricing and intellectual property, and expanding innovation horizons.
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