With India emerging as a major clinical research destination, the Rs 8,000-crore industry is likely to generate 50,000 jobs in next five years, industry body Assocham said today.
There are about 100 domestic and multinational companies like Pfizer, Glaxo SmithKline and Novartis conducting trials in the fields of oncology, traumatology, sports medicine and pulmonary diseases.
With a robust pipeline of patent expiries in the near future, companies are expected to conduct more than 15% of global clinical trials in India this year, the chamber said.
"The country clearly provides an opportunity in terms of availability of large patient populations, highly educated talent, wide spectrum of diseases, lower cost of operations and strong patent laws," Assocham Secretary General DS Rawat said.
Consistent with the World Trade Organisation guidelines, Rawat said, the country offers tax concessions for 10 years on revenue to companies making research and development investments here.
The global clinical research outsourcing market is estimated at $45 billion, including services provided to pharmaceutical and biotechnology companies, it said.
