IDMA and KPMG organise seminar
Our News Bureau – Mumbai
N R Munjal, President, IDMA giving the welcome speech
Over the last few decades, the Indian pharmaceutical industry evolved from almost a nonexistent entity to a world leader in the production of high quality generic drugs. The growth has been phenomenal—from about a few hundred crore around the ’70s to Rs 75,000 crore last year. Recently, KPMG along with Indian Drug Manufacturers’ Association (IDMA) has organised seminar on ‘Bringing Medicines to Global Markets—Opportunities and Challenges’.
N R Munjal, President of IDMA has gave the welcome address followed by Arpinder Singh, Executive Director, KPMG in India, Karen Harper, Principal Advisor, KPMG LLP, and expert speakers. The seminar’s theme was based on current opportunities which have tremendous growth and which is also growing day by day. The world is looking towards India to provide more and more quality affordable medicines. The potential of the Indian pharma industry to provide these is also unmatched. But challenges are also beginning to appear from unexpected quarters. There are concerted moves from some vested interests, using TRIPS Plus measures to block consignments of generics from reaching out to those in need. There are also insinuations implying that these generics from India are ‘counterfeits’. But these same generics from India are being sought after by national governments of east and west for their quality and affordability and also by major global NGOs such as the Clinton Foundation, Bill and Melinda Gates Foundation, Doctors Without Borders, the United Nations Conference on Trade and Developmen (UNCTAD) etc in their welfare programmes all over the world.
India accounts for eight percent of the world’s pharma production by volume and about 1.5 percent by value. India has the largest number of US FDA approved pharma factories in the world outside of USA. A large number of Indian pharma units have approvals from UK MHRA, TGA and other international approvals, besides US FDA. Today, India is recognised as one of the leading players in the manufacture of pharma products. It holds second position in terms of volume and 13th in terms of value of production, which only proves how competitive our prices are.
Munjal said, “The Indian pharma industry has evidently evolved way beyond our nationalistic goals. In a unique departure from standard practices, our industry chose the generics route to provide quality affordable medicines to our countrymen and also to spread all over the globe. The key factors for the Indian pharma industry’s growth are the landmark Indian Patents Act, 1970, our manufacturing capacity and power, chemistry based on generating multiple processing routes, reasonably low cost manpower and unbeatable pricing.”
“Our companies are actively spreading their wings across multiple markets—both developed and developing—and have already grabbed a sizable share of the global generics industry and this is bound to only increase in the coming years. This is the first unique global growth model, that of being a generics player in various geographies and economies, and providing the same quality affordable medicines all over,” he added.
Indian entrepreneurs have the skills and ability to create enterprises that can thrive in the global marketplace. But regulations and laws being territorial need to be respected and complied with to function effectively in any country. The topics discussed highlighted these and other requirements such as pharma price reporting while selling to governments, global compliance programmes, faced by Indian companies while entering regulated markets. A panel discussion on some key emerging issues faced by Indian companies in India.
As more and more Indian pharma companies venture abroad, one fact is becoming very clear: the world is eager to benefit from India’s promise and performance. Hence IDMA’s theme was also apt programme this year: ‘India’s quality affordable drugs: for global healthcare’.
While concluding his speech, Munjal said, “I would like to thank KPMG for this initiative and I am sure all present will benefit from this seminar.”