In the wake of a recurring campaign against Indian drugs in many parts of the world, the Department of Pharmaceuticals (DoP), along with the domestic drug industry, will soon launch a global campaign to highlight the quality of generic drugs made in the country.
The government has earmarked an initial corpus of Rs 25 crore for the Initiative.
The Pharmaceutical Export Promotion Council (Pharmexcil), under the Ministry of Commerce and Industry, with the support of DoP and industry associations, will execute the campaign. This would include roadshows and advertising campaigns in key markets abroad, he said.
“It is to launch a brand-building exercise for Indian drugs in all key countries, in the wake of increasing incidence of negative news reports and campaign by vested interests. We will highlight our strengths in generic drug manufacturing and the industry’s stress on quality,” he said. The official said the stakeholders were working out a rollout plan for countries such as the US, Europe and other emerging markets.
A few months ago, the commerce ministry had asked Pharmexcil to rope in India Brand Equity Foundation and Exim Bank to form a blueprint for the campaign.
India accounts for nearly 6 per cent of the global generic drug market worth $124 billion and is ranked third, behind the US and China.
Generics are reverse-engineered, low-cost versions of patented drugs and many Indian companies have specialised in making such formulations. India has the largest number of US Food and Drug Administration (FDA)-approved plants outside the US. In the recent years, some of the manufacturing units of leading Indian drug makers such as Ranbaxy, Sun Pharma and Wockhardt were under the scanner of USFDA for failing to comply with current Good Manufacturing Practices.
Earlier, DoP Secretary Mukul Joshi said the government would form a venture capital fund with a corpus of about Rs 300 crore to Rs 500 crore within six months to help the domestic industry develop new chemical entities or original pharmaceutical molecules. The government will soon appoint a consultant to work out the modalities of the venture fund and its administrative mechanism, which will include a board of directors of officials and industry representatives.
The Indian drug companies are developing over 60 new molecules. It will require about $1 billion and work of about 10-15 years to commercialise a new drug. Banks and other financial institutions are reluctant to fund new drug research initiatives, considering the risk involved and the need for long-term investment.