Low cost finance and adequate training can change Pharma scenario

Mumbai: Small and medium pharmaceutical enterprises have bright prospects of growth which can be propelled by making available low cost finance and adequate training. Simultaneously, they must be encouraged discover new drugs.

This suggestion was made in a study prepared by the Export and Import Bank of India and presented to the central government on Wednesday.

The Exim bank Study has noted that although the Indian pharmaceutical industry has acquired a noteworthy position in the global pharma sector, there are various challenges faced with regard to the changing regulatory environment and slowdown in trade.

The Trans Pacific Partnership Agreement (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) Agreements are likely to have serious implications for the Indian pharmaceutical industry, and could materially affect the Indian generic industry.

The Study pinpoints other hurdles in the growth of the sector which include shortage of

skilled manpower, issues related to Intellectual Property rights, over dependence on China for bulk drugs and APIs, and the need for intensifying research and development activities of the pharma companies.

To alleviate the growth constraints, the Study has recommended strategies to enhance the potential of this sector which include ,among others, addressing the issues related to Good Manufacturing Practices, and data integrity by way of stronger compliance and better risk management capabilities.

It has emphasised on the need of addressing issues Indian pharmaceutical industry like TPP and TIPP through diplomatic channels.