India is the new global pharmaceutical hub

The Indian pharmaceutical industry is expected to reach $20 billion (88,820 crore) by 2015, which will make it one of the world's top 10 pharmaceuticals markets. According to the Associated Chambers of Commerce and Industry, India's clinical trials business will also reach approximately $1 billion (4441 crore) by 2011, further reinstating the subcontinent as one of the world's preferred destinations for clinical trials. With this increase, an immense need has emerged to address all aspects of pharmacovigilance in order to ensure that medical advances are delivered to patients, quickly and efficiently while protecting public health.

In July 2010, the Ministry of Health and Family Welfare (MOHFW), India, launched a complete roadmap for pharmacovigilance in India under the Pharmacovigilance Programme of India (PvPI). The goal of this programme has been to provide safer medicines for the Indian population.

There are many challenges facing the Pharmacovigilance Program of India, Dr Y K Gupta, national coordinator of the Pharmacovigilance Program of India (PvPI), while speaking in this regard, said that, “The sheer number of patients in India is quite sizeable and the issues sometimes conflict between the need to provide access to medicines versus the need to provide safer medicines.” Dr Gupta, a speaker at the Pharmacovigilance Summit India, also said, “The Ministry of Health and Family Welfare (MOHFW), India, is planning to address these challenges by allocating a budget head under the MOHFW budget.”

Dr. Alexander Dodoo, president, International Society of Pharmacovigilance, will present a case study on Africa's experience in developing a robust pharmacovigilance system with limited resources at Pharmacovigilance Summit India.

Pharmacovigilance Summit India, which will take place from 27-29 June 2011 in Mumbai, reflects the continually increasing importance of drug safety frameworks and approaches. The event will bring together regional and global experts to create a dialogue with local and international companies on setting up an advanced drug safety system to optimise resources, ensure quality and regulatory compliance.

Biotech industry in India to reach 51,515 cr by 2017

A new report published by Global Industry Analysts  highlights that the Indian biotechnology industry will reach $11.6 billion (51,515 crore) by 2017. The Indian biotechnology industry was severely hit during the global monetary slump and this was evident from the plunge in the foreign exchange rate. The condition of the Indian biotech industry stabilized following the recession and it had shown significant rebound in the year 2010. The industry is expected to witness an extraordinary period of growth, with numerous drug developers worldwide looking to India as a low-cost destination for outsourcing their discovery and production work.

The condition of the Indian biotech industry has stabilized following the recession and it is expected to witness an extraordinary period of growth, with numerous drug developers worldwide looking to India as a low-cost destination for outsourcing their discovery and production work.

India had made a remarkable debut in the area of information technology and biotechnology is poised to be the next big thing for India on the global front. The Indian biotechnology industry, which is among the 12 leading biotech industries globally, presently accounts for a share of around two percent in the global biotech industry and is the third largest in Asia following Japan and South Korea. The Indian government, on its part, has been both proactive and supportive in driving innovation in the Indian biotechnology sector. The Indian government has vehemently been helping the industry by passing cordial regulations, providing grants for fledging companies and giving tax incentives among others.

Exports are the highest revenue earners of the Indian biotech industry, reflecting the continued focus of Indian companies on the international markets. While bio-pharma, bioinformatics and bio-services represented a considerable chunk of the export market, the major bulk of revenues in the domestic market were generated from the bio-industrial and the bio-agriculture sector.

The western part of India continues to dominate the Indian biotech industry, accounting for the largest share in terms of revenues. However, the southern region of India, which boasts of biotech hubs such as Bangalore and Hyderabad, has the largest number of companies in the country.