In a presentation on bio-pharmaceuticals on the second day of PharmaExpo 2003, organised by the CII, Wockhardt president (domestic operations) Arvind Vasudeva said: The biotech industry will provide a momentum to the healthcare industry. However, the penetration of the biotech products in the Indian market is only 2 per cent as compared to 40 per cent in the US and 20 per cent in Europe.
The total biotech market in India is estimated at Rs 18.35 billion excluding hybrid seeds which is Rs 1.8 billion. Biopharma products dominated the sector with 70 per cent of the market.
On the other hand, Indian generics companies have huge opportunities in the future with increasing number of molecules going off patent in the regulated market. Around 35 drugs with sales of $73 billion are expected to expire between 2003 and 2007.
Said Pfizer senior director S Ramkrishna, Indian firms can now compete effectively with global majors in developing new salts, new derivatives, new uses, new dosages and new delivery systems, for existing new drugs.