Indian pharma to grow big in few years
24 May 2007
In
the next six years, contract research and manufacturing
services (CRAMS) in pharmaceuticals is expected to grow
to more than $6 billion. As a result Indian companies
have an opportunity to capture a lion''s share of this
large opportunity.
As global drug makers struggle to cut costs and look out
for high quality collaborative research, it is time for
Indian drug makers to prepare to put their best foot forward.
According to a recent study by global consulting Frost
and Sullivan, CRAMS in India was pegged at around $900
million till 2006 but could explore opportunities to the
extent $6.6 billion dollars. Multinational drug firms
agree that the conditions are right.
In the recent past, companies like Dishman Pharma, Nicholas
Piramal, and Advinus have bagged significant contracts
for high value research projects. Experts feel that the
perception about Indian research is fast changing.
Experts say it is time for Indian drug makers to move up the value chain and get associated with the multinational drug companies from early stages of research right up to the commercialisation of the product.
But,
with research cost gradually mounting and a shortage of
good scientists; Indian companies may have to fight harder
to beat aggressive rivals from countries like Korea, Taiwan
and Philippines.