Compliance and Competitiveness in Indian Pharmaceuticals Industry: by Ms. Priyanka Singh Director Taj Pharma Group
The word “compliance” in India took on a whole new meaning in 2012 when key Indian Pharma Products exports pushed to USA and European Markets without much apprehensions. That new status, known as the “Generalised System” of Preferences plus is linked to the implementation of 27 international conventions including labor rights, sustainable development, and good governance. In the sophisticated Indian pharmaceutical market, some local firms are increasingly looking to export not only to the Africa, Russia but other highly European regulated markets like the One such firm is Taj Pharma Group, a Mumbai based Generics Medicines exporter and Manufacturer.
How has Indian based pharmaceutical industry – and Taj Pharma specifically – positioned themselves to compete globally?
India is very fortunate to have had its own pharmaceutical industry since its formation in 1947 and much before that. Over the years, manufacturers invested heavily in this industry to bring in the latest technology to India; in order to compete globally as well as dominate the local market. Companies here are now trying to enter into regulated markets and most companies are already have already obtained WHO (World Health Organization) approval.
In this context, Taj Pharma has also spent heavily over the years not only in acquiring latest tools and machinery but also on creating a technically sound and equipped manpower.
Our Group companies are approved by WHO, GMP, EU GMP etc.
Stringent regulatory compliance – including the anti corruption compliance in the USA and Europe are definitely an uphill battle for some companies. However, the rewards of entering are far more of a motivating factor. It is also worth mentioning here that huge inspection fees are required to be paid if any company wishes to get such certifications in order to get entry into highly regulated countries.
Government has lately taken a few steps in regulating the manufacturing and selling of drugs in India. Specially encouraging “Generics Medicines” Prescriptions.
Indian Government has also introduced; “Mohalla clinics, Govt. owned generics shops, one window solutions for Licensing in many states; so all these such initiative will help Indian pharma industry in long run and to compete with our European counterparts.
So, Indian Pharma Industry is very much a compliance friendly country and we have maximum number of approvals in terms of USFDA, EU GMP etc.
Further:
Focused on emerging markets, Taj Pharma is gearing up for expansion in its consumer healthcare arm. The company has been making targeted acquisitions and is looking to expand its core area away from the products in which profit margins are less, but consumer reach is covered high, and our prime target is middle class, which has quite large population in India.
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