US drug company Bristol-Myers Squibb (BMS) may join the growing list of drug majors that consider India among their key markets for the global launch of new medicines.
The launch may not be simultaneous with product introductions in the US or European markets. However, the delay, if any, would only be to aimed at securing the Indian regulatory nod, said Pheroze Khan, managing director of the company’s wholly owned Indian subsidiary, BMS India Pvt Ltd.
Speaking to Business Standard on the sidelines of a CII conference on health insurance, Khan said BMS was awaiting regulatory approvals for diabetes, heart disease and critical care products in India. “We will launch products that are relevant to India. The launch of pipeline opportunities that are close to maturity would also be considered, once the product secures marketing approval”, he added.
BMS, which saw global sales worth $19.5 billion last year, is among the few multinational pharmaceutical majors that drive its businesses purely through innovative products. Most foreign pharmaceutical firms either develop or acquire the branded generic (competition intensive, off-patent) product portfolio in India to increase their presence in one of the world’s fastest-growing drug markets.
The company expects to more than double its revenues, which currently stand at around Rs 200 crore, from the country in the next five years.
Khan said he had pitched for health insurance coverage in India to be extended to medicines that can prevent life-threatening illnesses. He had also called for the introduction of new policies to cover preventive treatment for diabetes and cardiovascular diseases, before they reach chronic levels that require hospitalisation.
The company is also active in drug discovery research programmes in the country through BMS Biocon Research and Development Centre, a joint venture with Bangalore-based Biocon.
Khan said he hoped the company’s drug research programmes would lead to the development of new medicines relevant to the country. BMS had re-entered India in 2004, after the country changed its patent laws to recognise product patents.
