Traditional medicines hold huge potential

More than 40,000 plant-based drug formulations, well-documented and based on the traditional systems of medicine when tapped to the fullest potential, would create a market no less than Rs 10,000 crore in the next 10 years, said P M Bhargava, vice-chairman of the National Knowledge Commission.

Bhargava was speaking at the inaugural session of 'Focus India 2006', a three-day conference on pharmaceutical R&D efficiencies "� Integrating global strategic partnerships, which began here on Wednesday.

Bringing to fore some of the facts of a feasibility report commissioned in 2001, Bhargava said, "The findings of the report showed that an investment made to capture the market potential of these formulations based on ayurveda, unani and siddha would bring in returns in the fourth year."

But the three challenges to overcome were to test the usefulness of the formulation itself, standardise and stabilise it for good marketing, he added.

Stating that the biological diversity of the country, coupled with low energy and manpower costs, provided ideal location for biology-based industries, Bhargava pointed out some of the key areas in the biotech and pharma industry that possessed capability and immediate potential such as molecular antibodies, tissue culture, enzymes and proteins, and DNA technologies.

"The Indian pharma and biotech industry, amply supported by about 10 state science departments totally dedicated to scientific research and development, provides great potential and wide scope for investment," Bhargava said.

Speaking on the occasion, P V Appaji, executive director, Pharmexcil, said, "The conference will focus on the issues that need to be addressed in the Indian life sciences industry."

Focus India is being organised to provide an analysis of Indian drug discovery R&D capabilities to enable global pharma R&D companies and institutions to take effective decisions in terms of collaborating R&D, establishing subsidiary units and outsourcing with India.

The conference, being held under two fora "� business forum and technology forum, is being attended by about 250 delegates including 12 speakers from abroad. It is being jointly organised by the Indian Institute of Chemical Technology (IICT) and Kasyap Technologies with support from Pharmexcil.