Mumbai: Indian pharmaceutical industry can
take over China if it addresses key concerns like lack of
skilled manpower, consistency and quality among others, a
joint study by KPMG and industry body CII said.
Primary problems faced by the Indian pharma sector today
are issues of "intangibles" namely-- lack of skilled manpower,
consistency and quality, clarity on IPR and patenting,
regulatory failures and a highly fragmented sector, the
report said.
Addressing these concerns will help the sector leapfrog
into the global pharmaceutical market and overtake China, its
closest competitor, CII Pharma Summit Chairman and Hikal Ltd
Vice-Chairman and Managing Director Jai Hiremath, said at the
CII conference here.
"The challenges are little hurdles, no doubt. But largely,
they are a demonstration of the Indian pharma sector's
potential and a reflection of its success.
"Over the next ten years or so, we should work closely on
addressing these issues, increasing R&D spends and patent
filings and work towards consolidating the industry," CII
Western Region Chairman and Forbes Marshalls Director, Naushad
Forbes, said.
This will help Indian firms leverage their strengths in
the global market, he said.
Bureau Report
First Published: Wednesday, September 16, 2009, 23:10