A group of Bangalore-based clinical research professionals and doctors with an investment of Rs 2.5 crore have floated a company — Rhenium Research — to offer clinical trials and allied services.
The start-up is in talks with a few small and medium US pharma companies to carry out trials in India.
Shailendra B Shettennavar, chief executive director, Rhenium Research, said, “We professionals floated this company to meet the growing needs and demand of the clinical trials industry in India.”
“The company has set a target of Rs 5 crore revenues by initiating project management system, clinical services, safety surveillance or medical monitor, patient recruitment services, clinical trials monitoring services and investigational services on behalf big pharma firms,” he added.
Promoters of the company, in their earlier stint, had assisted global pharma entities like Globe Immune, Fox Hollow Technologies, AP Pharma and GlaxoSmithKline in conducting clinical trials in India.
“Rhenium Research, to begin with, has set its eyes on handling therapeutics, oncology, gasteroentrology and endocrinology-related issues,” he said, and without disclosing names of any company added, “We are presently in talks with a few US-based small and medium pharma companies.”
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Over 100 pharmaceutical firms, including a few Fortune 100 firms like Pfizer and Merck, are presently outsourcing clinical trials to India. Clinical trials market in India in 2006 was estimated at $140 million and is said to be growing at a Compound Annual Growth Rate of 40 per cent since then.
Consultancy major McKinsey & Co estimates that by 2010, global pharma companies would be spending close to $1-1.5 billion just for drug trials in India.
Shailendra, said, India is fast emerging as a favoured destination for clinical trials outsourcing and foreign pharma companies are eyeing India as it has a large pool of cancer and diabetics patients.
Also, companies want to take advantage of a faster patient recruitment, well-trained English speaking physicians and intellectual property rights’ protection, besides lower costs.