After several failed efforts to tap the highly-lucrative, yet tough-to-crack generics market in Japan, the second-biggest pharmaceutical market in the world, the Indian pharma industry has now come up with a new offer -- contract manufacturing of Japanese generics in India.
Japan remains a tough market for Indian drug manufacturers. Stringent regulations have made the Japanese market averse to buying Indian generics. Their understanding of the Indian pharma sector is not as good as that of the US or Europe, said P V Appaji, director-general of Pharmaceuticals Export Promotion Council of India (Pharmexcil), an initiative of the ministry of commerce and industry.
Of the close to Rs 98,000 crore pharmaceutical exports from India last year, Japan accounted for Rs 400 crore, primarily active pharmaceutical ingredients and herbal products.
Speaking to mediapersons on the sidelines of a curtain-raiser press conference on Indo-Global Pharma Expo and Summit 2015 here on Monday, Appaji said the ministry was now offering Japanese generic companies to source Japanese generics from Indian generic majors via contract manufacturing partnerships or collaborations.
"Our idea is to promote Indian generics in the international markets.
Around 20 Japanese companies have already evinced interest in leveraging the contract manufacturing benefits from the US FDA-approved facilities in India. We will be holding discussions with them sometime during July this year," he added.
Pharmexcil, and the Indus Foundation will be holding Indo-Global Pharma Expo and Summit 2015 in Hyderabad from May 23. The four-day event will be attended by over 4,000 business delegates.
The summit will provide an opportunity to the participating companies to display advanced pharmaceutical technologies, products and services to the business visitors from across the globe, besides providing a platform for joint venture partnerships, project collaborations, transfers of technology, investments and R&D, Appaji said.