Updated on 14 February 2013
Because of patent expirations of blockbuster drugs, Indian firms are expected to actively participate in the production of generic version of these products. Indian companies are also ready with generic version of biotech drugs. Therefore, India will be able to maintain a large basket of quality affordable generics with assured safety and efficacy.
Mr Patel stated that generics market in Japan stands at $3 billion growing at 8 percent in a total market of 120 billion. The Japanese government has been highly receptive to generic substitution. India is eager to support Japan by providing affordable quality generics with assured safety and efficacy. India's Commerce Ministry has set up the India-Japan Pharma Alliance (IJPA) in Japan under the aegis of Pharmexcil, which was co-founded by IDMA. The increase in generic dispensing is about 20 percent on a year over year basis.
Mr Atul Shunglu, assistant secretary general, FICCI, said, "India's pharmaceutical sector is gaining its position as a global leader, poised to grow from $21.7 billion currently, to $36.7 billion by 2015. Also, globally, it ranks fourth in volume terms and 12th in value. The Indian pharma sector produces 600 generic brands, 600 therapeutic categories, and manufactures more than 500 different APIs. While generics continue to dominate the market; patent-protected products are expected to constitute 10 per cent of the pie till 2015. Several multinationals are already set to launch patented drugs across India." He assured the delegation that the synergy between large Indian consumer market and technology and manufacturing strength from Toyama can bring a win-win situation.