Updated on 23 May 2016
The Health Industry Summit was organized in Shanghai
European countries are the dominant consumers of drugs however, it will slowdown in future giving way to developing countries like India, China, Russia and Brazil that are estimated to grow at 10-15 percent and would be the major drivers of global pharmaceutical industry. Can India and China grasp these opportunities with strategic plans to drive development of pharmaceutical industries of both countries?
The Health Industry Summit organized in Shanghai from April 17-20 conducted an open dialogue between delegates from India and China to discuss and share if the two countries can collaborate further to dominate the future pharma industry.
In next five years, important drugs are on the edge of expiry. By 2015-2020 drugs worth of USD250 billion is estimated to expire and the market share will be taken by generic drugs. In next two decades, India and China will be the pillar of development for pharma industry. India has a unique advantage of language to better understand the regulatory of global companies. India and China can also have broader cooperation in production and clinical trial data, highlighted Mr Guangcheng Pan, executive chairman, China Pharmaceutical Industry Association (CPAI).
"We should learn from India to speed up development of talent pool, registration and certification process. The way India has grown phenomenally in generics business is very impressive. China should also grasp such opportunities, nurture China local talent and scientific knowledge and strengthen drug production for exports," Mr Pan said.
"We should support China companies to produce generics drugs and be prime exporter to US and Europe. We need to improve the quality and efficacy of our drugs to international standard and need to implement hassle free policies and regulation procedures. In 13th five-year plan, China is aiming to achieve growth rate of 13-15 percent in generics business," he further said.