That was just a joke... But drug testing is getting big in India; serious!!!
India has made a mark in the low-end bio-equivalence testing for generic drugs. With its huge patient base, low cost advantage, completion of clinical test on time, improving infrastructure, the platform is experiencing a double-digit growth in the clinical trials market. All major pharmaceutical companies and Clinical Research Organisations (CROs) have started conducting their clinical tests in India, and with improving infrastructure, industry friendly regulations and trained workforce, the growth is only likely to increase in the near future. Statistics also show that during the last three years, the industry turnover has increased from Rs.200 million crores to Rs.1 billion. According to a 2008 McKinsey report, the industry is expected to touch the dream figure of Rs.50 billion by 2010.
But there are challenges too! To achieve its goal of becoming a global hub of clinical trials, the country will have to conquer roadblocks like unethical trials, delay in trial approval (India takes 6-8 months for forming a ‘Phase-I molecule investigational new drug’ committee.
India has made a mark in the low-end bio-equivalence testing for generic drugs. With its huge patient base, low cost advantage, completion of clinical test on time, improving infrastructure, the platform is experiencing a double-digit growth in the clinical trials market. All major pharmaceutical companies and Clinical Research Organisations (CROs) have started conducting their clinical tests in India, and with improving infrastructure, industry friendly regulations and trained workforce, the growth is only likely to increase in the near future. Statistics also show that during the last three years, the industry turnover has increased from Rs.200 million crores to Rs.1 billion. According to a 2008 McKinsey report, the industry is expected to touch the dream figure of Rs.50 billion by 2010.
But there are challenges too! To achieve its goal of becoming a global hub of clinical trials, the country will have to conquer roadblocks like unethical trials, delay in trial approval (India takes 6-8 months for forming a ‘Phase-I molecule investigational new drug’ committee.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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