European collaborations with India on the rise
March 9, 2015: Collaborating with India has proved to be advantageous for various countries in the recent past. The nation’s ability to deliver high quality of pharmaceutical products, comparatively low costs of manufacture, tax benefits, and a wide patient pool for clinical trials are some of the distinctive offerings that pharmaceutical firms look for, before establishing long term relationships.
Of late, after successful collaborations with China, Japan, and the USA, European countries have started expressing keen interest in either setting up a facility in India, or inviting drug manufacturers to Europe to establish a manufacturing facility.
Ireland is a hugely successful nation for pharmaceutical research and products, and has recently started offering lucrative benefits to major players in India such as Dr. Reddy’s and Lupin, by offering them tax cuts and large profit shares. With past successes with Indian pharmaceutical organizations, including Ranbaxy, Wockhardt and Reliance Life Sciences, Ireland does visualize potential long term benefits by teaming up with Indian manufacturers. Currently estimated as the largest European exporter of medicines at 55 billion Euros, this country has a significant number of big players in the world, who’ve directed their attention towards it. Adding value to the pharmaceutical set-ups in Ireland, will be the Indian technology companies, Tata Consultancy, Wipro, HCL and Tech Mahindra, with whom investment opportunity talks are in progress.
The bilateral trade between India and Romania is estimated at US$ 3 million. The Romanian Health Minister Mr. Nicolae Banicioiu expressed the country’s desire to partner with India with the intent of research and development of new drugs. After the initial inspection processes by the regulatory agencies, procedures for license acquisitions and distribution rights will be set into place. The immediate plans are to collaborate with Aurobindo Pharma for antivirals, Macleods for anti-tuberculosis medication, and Cipla for cancer chemotherapy.
With such profitable ventures on this rise, India is proving itself to be supremely superior in the field of healthcare.
Dr. Jay Shinde