India to be amongst top five global pharma innovation hubs by 2020: Assocham
The Indian Government has been very
active in boosting growth and investment in Indian pharmaceutical industry
To push India into top five pharmaceutical
innovation hubs by 2020 and establish global presence by launching one out of
every five to 10 drugs discovered in India at global level, the government is
preparing for multi-billion dollar investment with 50 per cent public funding
through its public private partnership (PPP) model to enhance innovation
capability, reveals the joint study.
The Indian Government has been very active in
boosting growth and investment in Indian pharmaceutical industry. It allows 100
per cent FDI (Foreign Direct Investment) under automatic route (without prior
permission) in the pharmaceuticals sector.
FDI favourably impacts the Indian pharma
industry by providing access to more capital/funds for investing in Research
and Development, which in turn, leads to creation of more IPR, highlighted the
study titled 'IPR
in pharmaceuticals: Balancing, innovation and access,' jointly conducted by
ASSOCHAM and TechSci Research.
The Government has been actively undertaking
policy initiatives for growth of the pharmaceutical industry. One such
initiative is tax-breaks in the pharmaceutical sector.
There is also a weighted tax deduction at a
rate of 150 per cent for the research and development expenditure incurred.
Steps to streamline methods for development
of a new drug molecule, or clinical research, etc., have also been considered.
Indian Government also launched two schemes including New Millennium Indian
Technology Leadership Initiative in 2003, and the Drugs and Pharmaceuticals
Research Programme in 1994-95, specially targeted at pharmaceutical research,
adds the study.
The Department of Industrial Policy and
Promotion (DIPP) data suggests that the drugs and pharmaceuticals sector in
India has attracted FDI worth $1,523 million during April 2014-March 2015.
Additionally, industrial licenses are not
essential in India for most of the pharmaceutical products. Hence, drug
manufacturers are free to develop any drug upon approval by the Drug Control
Authority.
The act of protecting one's innovation
through a patent has initiated investments from many multinational
pharmaceutical companies in India. These MNCs are looking at India for its strength
in contract manufacturing and as an attractive base for research and
development (Research and Development), particularly for conducting clinical
trials and other services.
Indian and foreign pharmaceutical companies
are progressing with rising patented drug launches in India. The Indian Patent
Office granted 2008 patents between 2010 and 2013.
The Department of Pharmaceuticals has drafted
Pharma Vision 2020 document, with an aim to establish India as a leading county
for end-to-end drug manufacturing and innovation. This initiative by the
government aims at providing support to Indian pharmaceutical sector through
state of- the-art infrastructure, internationally competitive scientific
research personnel for pharmaceutical Research and Development, and funding for
research in the public and private sectors.
The Central Drug Standard Control Organisation
(CDSCO), which falls under the scope of the Ministry of Health and Family
Welfare, is the main pharma regulatory body in India. The Drug Controller
General of India (DCGI) presides over the CDSCO at both the central and state
levels.
Sun Pharmaceuticals acquired Ranbaxy
Laboratories in 2015, in order to achieve full compliance with regulatory
framework for drug manufacturing in India, meet expectations of Indian
regulatory authorities, and increase Research and Development for launch of
innovative products, thereby generating high revenues across India.
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