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'China may open its Pharma industry to India for mutual gain'

Press Trust of India  |  Beijing 

India's pharmaceuticals sector which is "slightly outperforming" that of can benefit from the vast Chinese market for generic drugs and the of Gland Pharma by a Chinese company could prompt to open its pharma industry to Indian firms, the official media said. "and are the world's two largest manufacturers of bulk drugs, a key raw material for producing pharmaceutical drugs," an article in the state-run Global Times said. Now with changes in the supply pattern of bulk drugs around the world, companies in the US and have started competing with the Chinese and Indian markets. "The situation raises the need for and to think about how they should maintain their own advantage and break development bottlenecks in the bulk drug industry," it said. "In terms of market size, the combined population of and surpasses 2.5 billion - huge markets that no country can afford to ignore," it said. With USD 53 billion trade deficit out of over USD 71 billion annual trade, has been pressing to open up more for Pharma and IT industries as has edge over in the two sectors. But contrary to promises, which also supplies bulk raw materials to Indian Pharma industry is yet to open up substantially despite criticism from Chinese public that generic drugs are extremely expensive in compared to "Today more and more Chinese companies see as their first destination when going global," it said highlighting the recent of India's Gland Pharma for up to USD 1.26 billion by Shanghai Fosun Pharmaceutical Group. "Fosun is not merely targeting the Indian market through its of Gland Pharma. leads the world in generic drugs and its industry is quite internationally oriented. Acquiring Gland Pharma could help Fosun crack overseas markets," it said. "This move could let learn from and could also prompt to open up its pharmaceutical industry," it said. "As such, has a full range of experience and expertise in marketing and sales in global medical markets. also slightly outperforms in generic drugs as well research and development capability," it said. "As for benefits to India, offers a huge and rapidly growing market for generic drugs.

The sheer volume of China's population base means that the amount of drug applications will be remarkable. Through massive market operations, could turn into a promising market which would help raise its production capacity," it said. "As the global pharmaceutical product manufacturing center shifts toward and China, the two countries should grasp the opportunity and work together to become world-class pharmaceutical giants amid Asia's rise," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 15:02 IST