Bringing Glory Back To GOA

As competition becomes fiercer and unprecedented challenges emerge, Goa needs a renaissance with a revamped game plan, strategic investments and better synergy between industry stakeholders to retain Its position as a major pharma hub

- Tarannum Rana

While the sun set on the last century, it started shining bright on the burgeoning pharma industry in Goa. Pharma bigwigs like Glenmark, Zydus Cadila Health Care, Unichem, Lupin, Ratio Pharma, Watson, Ranbaxy, Aventis, Cipla, Wyeth, Abbott rushed to set up their manufacturing units in the coastal state after it became a tax haven in mid-1990s. The industry's growth projectile continued to climb up well into the 21st century and the pharma sector emerged as a major component in the industrial development of Goa. Today, the state enjoys the status of being one of the biggest pharma hubs in India, with ample generic R&D and manufacturing facilities. Home to as many as 70 companies, the state now exports about 80 per cent of its total manufactured products to the globe, including heavily regulated markets like the US and the EU. Needless to say, the contribution of the the Goa Pharma Inc to the net national pharma exports is quite noteworthy.

A transforming landscape

Presently, the Indian pharma industry enjoys a double-digit growth - India’s pharma exports rose 11 per cent to $19.2 billion in 2018-19, accounting for about six per cent of the country’s total exports of $331 billion in this fiscal, according to a report published by Pharmexcil. However, the industry could be facing a rocky road ahead. Mahesh Gurnasinghani, Senior GM, Pharma Technology Transfer, Watson Pharma notes, "In the recent times it (the Indian pharma industry) has been impacted by several challenges like patent cliffs, substantial price erosion, decreased value from new product launches, consolidation of supply chain and increase in competition with increased regulatory scrutiny in the global market. Our position as a global supplier of good quality, affordable, accessible medicines has also been impacted due to the recent compliance challenges and low productivity."