Differentiated Products Is The Way Forward For Indian Drug Makers: Pankaj Patel
This is time for Indian generic drug makers to
aggressively focus on capabilities for developing differentiated products to
sustain growth in a challenging era, which sees price erosion, significantly
increasing competition and more stringent regulations in the global market,
said Pankaj R Patel, chairman, Cadila
Healthcare, and president, Federation of Indian Chambers of Commerce and
Industries.
Differentiated products not only offer better
margin but also helps companies to create a niche in the market with less
competition and even to build stronger business with comparatively smaller
marketing infrastructure and team, Patel said while delivering his key note
address as the chief guest at the Businessworld-Yes Bank Life Sciences Forum
2017 held in Mumbai on Friday, July 28.
Businessworld Life Science Forum was a unique
knowledge initiative conceived for thought leaders from pharmaceuticals and biopharmaceuticals
to further drive sectoral business growth and leverage the resurgence of the
Indian economy. The forum, which was attended by top, senior and middle
management professionals and entrepreneurs from the industry, brought together
business leaders from these sectors and help focus attention on the sector,
build on its natural advantages, highlight and help remove roadblocks if any,
and recommend suitable policy measures that would catalyse the sector’s growth.
The Forum’s theme this year was ‘Indian pharma
transition from generics to complex/niche generics to re-align itself and
prepare for the next big leap’.
Currently, the pharmaceutical industry is
putting best efforts to re-align itself and prepare for a big leap in the high
value markets as Indian firms are present in these market mostly in the
traditional generics segment. While the opportunity to grow and expand in
specialty generic area is huge, the Forum was aiming at bringing together top
the Indian pharma players operating to have an involved discussion on the
emerging trends of the sector.
Talking about the quality issues currently
being associated with several of India drug makers in a panel discussion, S M Mudda, Director, Global Strategy (Technical), Micro
Labs, said that, “We should create our own quality management
system, so that we can make ourselves robust in our operations.”
According to Sundeep
Bambolkar, Joint Managing Director, Indoco Remedies, over the years,
the entire manufacturing process in the industry has become extremely different
from the traditional and it is thus important that we must take extra care for
quality.
Explaining the way to become a successful
player, Dr Ranjana Pathak, Global Head – Quality
at CIPLA, suggested it is the three key aspects such as
training, talent and capabilities of
people who work in an organisation basically touch the product and processes.
Murtaza Khorakiwala, Managing
Director, Wockhardt, said in fire side discussion titled “Indian
pharmaceutical Industry 2030 – The Way Forward’ moderated by Amit Kumar, Group
President and Country Head, Corporate
Banking, YES Bank, said the next decade will be an era of innovation in the
Indian pharmaceutical industry.
“The Indian pharmaceutical industry witnessed a
host of policy challenges, which forced the industry to engage in a series of
discussions with the government,” said Deepnath
Roy Chowdhury, MD, Strassenburg Pharmaceuticals Ltd., and National President,
IDMA.
Source: http://businessworld.in/article/Differentiated-Products-Is-The-Way-Forward-For-Indian-Drug-Makers-Pankaj-Patel/29-07-2017-123118/
Source: http://businessworld.in/article/Differentiated-Products-Is-The-Way-Forward-For-Indian-Drug-Makers-Pankaj-Patel/29-07-2017-123118/
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