The ever-growing economy of India has given rise to many multinational pharmaceutical companies investing from the west. Indian pharmaceutical companies have also shown a keen interest in the medical sector. Their joint venture and collaborations with various renowned hospitals in the US and UK are yielding fruits. UK based Wockhardt Biomedical Research Centre in UK and AbbVie Incorporated in the US have formed a partnership to look after neglected areas in Indian medical science. The collaboration has yielded phenomenal results in the form of affordable and efficient medicines for various life threatening diseases.
These pharmaceutical giants are investing heavily in Indian pharmaceuticals and are seeing the benefits immediately. Indian companies like Vedanta Biotechnology, Abbvie Inc, Janssen Pharmaceuticals, Ipax Medical, KEC Pharmaceuticals plc have invested heavy in western pharmaceuticals, thereby contributing heavily to the GDP of India. Even West End Pharmaceuticals, which is a division of UK’s GlaxoSmithKline has made an entry into the Indian market. As the western companies discover more about Indian medicines and their uses, the Indian government is putting in more efforts to improve the efficiency of the healthcare systems. There have been numerous researches and studies on innovative medicines being conducted all over the world, but still the results are limited as many of the drug designs are being rejected by the Indian regulatory authorities.
These reasons have not deterred the pharmaceutical giants from continuing their research efforts. They see enormous scope for growth in India and are aggressively working towards finding solutions for all the medical issues related to the country. They have huge investments in various chain of hospitals in India including Apollo Hospital in Delhi. In this hospital, all the pharmaceutical products including radiology products, medical devices etc are manufactured in-house. This has proved to be very cost effective for the hospital and the pharmaceuticals. They also use cheap outsourcing measures and get great quality products at affordable rates from various other countries.
Another important thrust is to improve the processing of drugs which can ultimately save costs and increase the productivity. This initiative has already produced positive results as most of the generic medicines which were previously available through local stores have found their way into the hands of the patients. Another major thrust is to make available various other types of simple proteins such as bovine insulin-like growth factor, growth hormone etc. These have potential to revolutionize the medical system in India. They will also help fight several common illnesses like diabetes, respiratory problems etc.
As per studies, there is another major thrust going on at the federal level to promote Ayurveda and herbal medicine. This has the potential to revolutionize the health care system in the country. The pharmaceutical industry is also investing huge amounts in setting up manufacturing units to process different essential products. Many private sector players have also shown a rising interest in making investments in India as the government offers tax breaks to many domestic companies that are undertaking substantial investments in the country.
Overall, the west has given a lot of importance to Indian Pharmaceuticals. There are numerous research papers and clinical trials going on at almost every university in the country. The drug discovery activities are also quite strong with several drugs now being patented and generating huge revenue for the pharmaceutical companies.