The panel discussed impediments and opportunities facing Indian pharma as it transitioned form a volumes to a value play
In a bid to deliberate upon the opportunities available for the India pharmaceutical sector in the global arena, UBM India, and Express Pharma organised a panel discussion titled, ‘From Volumes to Value Play: Towards Achieving Vision 2020’. The panel discussion was a part of UBM India’s second edition of its annual India Pharma Awards and was held yesterday at The Westin Hotel, Mumbai. The panel discussion was organised with an aim to provide new insights to the strategy tool kit of pharma industry professionals.
The panelists were Dr Ajit Dangi, President and Chief Executive Officer, Danssen Consulting; DG Shah, Secretary General, Indian Pharmaceutical Alliance (IPA) and Ramesh Swaminathan. Chief Financial Officer, Lupin Pharma. The discussion was moderated by Viveka Roychowdhury, Editor, Express Pharma, Financial Express-B2B. During the discussion, panelists spoke on factors holding back the Indian pharma industry and provided their recommended strategies for success.
In the course of the discussion, Dangi pointed out that the only way to progress is the way of innovation. The Indian pharma industry has to concentrate on innovation rather than imitation. Shah on the other hand revealed that the industry has no sustainable competitive advantage and so there is a need to look for innovative strategies. He also said that there is a need to make medicines available, accessible and affordable and that the Government along with the industry needs to take a holistic approach towards attaining these goals.
Swaminathan spoke on drug pricing policies and highlighted the role of private players and government working in tandem to make medicine more affordable. Issues related to compulsory licensing policies and challenges faced by domestic players were also discussed.
The discussion ended with Roychowdhury emphasising the ways and means needed to transform the Indian pharma sector from a volume driven industry to a value focused one.
EP News Bureau – Mumbai