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Indian pharma on the radar of global industry
By siliconindia
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Wednesday, 12 May 2004, 19:30 IST
MUMBAI: Indian pharma companies who have their sights trained on the overseas markets will cheer at this. They are likely to have more success than their counterparts who are focused purely on bringing innovative products into the market.
According to Murray Aitken, senior vice-president, corporate strategy, at IMS Health, Globally, the pharmaceutical industry continues to show a robust 9.3% growth and we are forecasting a 8-11% CAGR upto 2008.
But the interesting trend is that we are seeing an increasing growth of generics and increase in products that represent new drug delivery systems rather than new chemical entities. IMS is a global provider of information solutions to the pharmaceutical and healthcare industries.
With the drug industry in the west becoming more and more generic it has made the going difficult for many companies. The entry of generic players coupled with the increased pressure to keep costs low is providing a challenge to traditional industry.
Nevertheless, the fundamental improvement in demographics, with ageing populations, and improved access of drugs will ensure that the industry will grow, says Aitken.
This shift in the dynamics of the industry has helped Indian companies carve a niche for themselves in the global market. They have also attracted some attention globally.
There is a lot of interest in whether Indian pharma is going to have as much success as the Indian software industry in the global industry, Aitken.
With Indian companies displaying a huge appetite to make a mark in the global market, IMS is looking at expanding its product offerings in the country to cater to the needs of the Indian pharmaceutical industry. This is a market with a huge potential and scope for expansion, he adds.
We can provide tremendous support to Indian companies planning to expand globally, says Mr Aitken. Globally, the generics market is growing at a much faster rate of about 25%, compared to the branded products which is growing at 8%.
IMS also hopes to plug into the growing success of the Indian pharmaceutical industry as it moves up the value chain. In the longer term, when opportunities open up on the innovation side, Indian cos will look for help to getting into the global market and that's where we can provide our services, says Mr Aitken.
IMS Health recently entered into a entered into a 50:50 joint venture with AC Nielsen ORG-MARG for their healthcare information business operations in India . Called ORG-IMS, the organisation is looking at launching a slew of new products from IMS Health's global portfolio.