The generics segment is all set to drive the growth of the pharmaceutical industry in the country to new heights under the product patent regime.
With around $80 billion worth of pharma products coming off the patent list by 2005, India needs to gets its act together and explore ways of value addition to find its niche place, observed Venkat Jasti, the president of Bulk Drug Manufacturers' Association.
Delivering the inaugural address at the first-ever pharmaceutical marketing convention in the city, organised by the Institute of Technology and Management, Jasti spoke of the opportunities for the Indian industry in the post-2005 scenario.
A fast ageing population in the United States (30 per cent of population to be over 60 by 2030), which accounts for around 50 per cent of the prescription-based generics, and pro-active legislators in the US and EU clamouring for 'genericising' the pharmaceutical industry for affordable medicines for the masses were the two major opportunities awaiting the players in the generics business.
While the scenario abroad is heart warming, equally encouraging is the domestic market. As only 20 per cent of the Indians get quality medicare, a growth in economy, currently perceptibly now, spells a huge market not only for the Indian companies but the foreign players as well.
India was currently at 13th place in terms of value addition and placed fourth globally in terms of volume.
There were already over 60 plants certified by the USFDA in the country and more were approaching the US body for licences, he informed.
Jasti also pointed to the huge opportunity being thrown up by the implementation of TRIPS (Trade-Related Intellectual Property Rights) legislation from 2005.
With multinationals outsourcing their requirements in the areas of research in bulk drugs, formulations for patented and off-patent products, strategic alliances could become the order of the day, he said.
The BDMA president also demanded that the government do away with the drug price control order (DPCO) and allow market forces to prevail.