As the TechSci Research Report released here today India is expected to be in top three pharmaceutical manufacturing countries with a turnover of $55 billion by 2020. The report was released at the Assocham and Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers conference on intellectual property rights (IPR) in pharmaceuticals in Ahmedabad on Wednesday.
Speaking at the event, Harish Padh, vice-chancellor, Sardar Patel University said that though pharma has matured till implementation of new IPR Regime in 2005, diagnostic and medical devices are the sectors that are being negatively impacted by implementation of new IPR Regime.
He also highlighted that India is expected to be in top three pharmaceutical manufacturing nations in the world. “However, to ensure that full potential of the pharmaceutical industry be realised, innovation must be allowed to flourish and the IPR rights must be properly recognised, respected and rewarded. This will add speed to the wheels of progress of nation ushering in a new paradigm,” Padh said.
Experts here felt that the new paradigm of IP protection brings for the country an excellent opportunity to further stimulate the biopharmaceutical industry creating thousands of new, high value jobs, while paving the way for newer avenues of foreign direct investments.
Kiran Kalia, director, National Institute of Pharmaceutical Education & Research, Ahmedabad said, “The enactment of the Patent (Amendment) Act, 2005 is viewed as a milestone which substantially changed the protection regime in India. However, patent disputes have regularly arisen in India, recently in the context of compulsory licensing.”
While the Union governement has been supporting SMEs in pharmaceutical manufacturing through developing clusters in various parts of the country, it has also approved setting up of six new pharmaceutical parks with an estimated investment of $26.9 million.