Mumbai, Nov 1 (UNI) Pharma major Nicholas Piramal India Ltd's director Dr Swati Piramal today said Asian history is the history of globalisation and India will be among the top 10 nations in drug manufacturing by 2050.
Dr Piramal made this observation at the 'Pharma Summit 2007', a one-day event whose topic was 'Indian Pharma Inc - A Continuing Success Story'. It was organised by the Confederation of Indian Industries (CII).
She said ''The Asian history is the history of globalisation.
With 6 out of 10 people living in Asia, it is the continent marked by a number of emerging markets. It is expected that with 10,000 manufacturing units, by the year 2050, India will be among the top 10 nations in drug manufacturing.'' She remarked that Indian drug prices are among the lowest in the world. The Indian pharma industry is an example of global success.
With five per cent decline annually, the real prices have declined every year. There has been a drop in the number of HIV patients. It is a result of the pharma industry having acted responsibly on drug prices.
The industry has trailed the Sensex, hence, challenges are many.
Medicines contribute to only 15 per cent of the total healthcare spend for the average patient. However, rural availability is less and the real issue is accessibility. For this, the industry and the government need to come together. By 2050, the value of R&D would stand at over 120 billion US Dollars.
In her keynote address, ICICI Venture Funds Management Co Ltd's managing director and CEO Renuka Ramnath said the pharma industry has been undergoing a significant change. While R&D is a high risk and high gain sector, innovations are needed.
She added that the Indian mindset is moving from copying to making which, in turn, will bring about fragmentation.
While KPMG India Pvt Ltd's executive director Hitesh Gajaria said R&D is the way for long-term sustainable growth. The market is now differentiating between the 'winners of today' and the 'winners of yesterday'. The pharma industry is growing due to the various co-operative and collaborative actions.
Cadila Healthcare Ltd's chairman and managing director Pankaj Patel said with the outsourcing of about USD 600 million expected to take place by 2010, the pharma industry in all probability will witness a three-fold growth by 2015. A new era of growth through collaborations is emerging today. Not only that, the domestic and the international businesses as well as the R&D will play an important role in leveraging India's potential.
The summit also discussed various other topics like India Pharma Inc -- The year that was (analysis and prognosis), Business landscape, Emerging opportunities and challenges, and The road ahead.