Indian pharma sector needs govt support to fend off China: IDMA
Hyderabad: Indian companies would struggle to grab opportunities that would arise when almost USD 30-40 billion in drugs go off -patent in the next 3-4 years worldwide without adequate support from the Centre, IDMA said Friday.
Indian Drug Manufacturers' Association (IDMA) Secretary General Daara Patel said the industry may face fierce competition from China and Brazil, as both nations are gearing up for a larger slice of the world market.
"Competition is very high and countries like Brazil and China are in the fray. It's going to be an uphill task for us. But if we have proper infrastructure in place, work in unison and get proper support from the government, I don't think we will lag behind," Patel told reporters here.
Despite the fact that Chinese API (Active Pharmaceutical Ingredient, or bulk drugs) material is not as good as Indian APIs, other nations are tempted to buy them due to the price differential.
"The government should support the industry in terms of providing better facilities for R&D. They must support the API industry, which is not happening. Today we are facing heat from China, despite the fact that Chinese material is not as good as Indian ones in APIs," he explained.