Indian pharma ushering in new era of affordable medicines

INDIA has emerged as a hub of cost -effective medicines for not only developing countries, but also for highly regulated markets Like USA, Canada and Europe.

- Dr Anantha Naik Nagappa

The cost content of medicine prices is determined by countries regulatory agency National Pharmaceutical Pricing Authority (NPPA), international agencies like USFDA, European Medical Agency. It is also greatly influenced by trends in national and international market.

The Indian pharmaceutical Industry is poised for growth from US$ 30 billion to US$ 70 billion at an annual growth rate ~15 per cent. However at least it can reach US$ 55 billion from US$ 30 billion in 2016 by 2020. The trajectories of phenomenal growth for this forecast are identified as market size expansion [domestic and global], competitive edge in pricing, availability of native human resource, tax reforms [GST bill] growth in health insurance sector, increased income, increased govt spending in public health care and investment by private and government in infrastructure.

There are some factors which can act as barriers to this growth rate such as strict implementation of price control in India, penalties and ban of Indian manufacturers by regulatory agencies due to violations and misappropriations of industrial practices, global hostile socio political developments and unprecedented natural calamities in the world.

Growing generics market

India earns 70 per cent of its revenues by generics in regulated markets. This has become possible due to competitive pricing, development of indigenous CROs who are able to develop bioavailability and bioequivalence data of off patented brand in the global market.

There are many Indian multinational pharmaceutical manufacturers who are approved by international regulatory agencies in India. For example, US FDA opened the India office in New Delhi in 2008, to ensure that food and medical products exported from India to the U.S. are safe, are of good quality, and are effective.