Government needs proactive approach to boost pharma sector: Industry
MUMBAI: Union and state governments need to develop a proactive approach towards building better quality compliance and become a facilitator of funds and platforms, leaving the mechanism of delivery to the private sector to help the pharma sector grow faster, according to industry experts.
The Indian pharmaceutical industry, with the current market size of USD 27.57 billion is expected to reach USD 55 billion by 2020 growing at a CAGR of 15.92 percent.
"We have to strengthen and define the government and the private sector's role in developing the industry. The government needs to act as the provider and the private sector should deliver," industry veteran and Salus Lifesciences director Kewal Handa at 'CPhI CEO Roundtable Conference' here.
The government has shown willingness to collaborate with the industry to create a favourable ecosystem for the sector, Handa said.
Industry leaders discussed vital issues of Make in India - ensuring country's pharma supremacy with a special focus on affordable healthcare in the urban and rural areas.
While India ranks amongst the top four pharma terms of volume of produced drugs, certain challenges continue to surround its pharma industry.
India faces issues including a time-consuming approval process, dependence on China for cheaper API sources, sub-optimal infrastructure, lack of funding avenues, and a shortage of highly skilled talent, among others, UBM India managing director, Yogesh Mudras said.
The US - the largest importer of Indian generics -- has started looking inwards at its own domestic market, Mudras pointed out.
"There are quite a few issues that all the sector and the industry should accept existing challenges and find ways to change the ecosystem," EY partner Sriram Shrinivasan said.
Speaking on the occasion, Indian Pharmaceutical Alliance secretary general DG Shah said, for 'Make in India', certain standards need to be set. It needs to take the initial steps and gain the confidence of the regulators and also understand that the industry culture and behavior are inter-linked.
The pharma industry has grown at an exponential rate and people have moved in the hierarchy, unfortunately without acquiring the requisite skill sets.
Thus, an emphasis of the industry should be on people management along with controlling the quality of the product output, he said.