The Pharmaceutical Research and Manufacturers of America (PhRMA) today said it is in talks with various stakeholders in India for better regulatory provisions, effective patent enforcement and for initiating policies to attract investment in the sector.
PhRMA represents leading research-based pharmaceutical and biotechnology companies in the US.
"We are talking to ministries, investors, NGOs, hospital people in the country (India). We are talking about better healthcare access through insurance and the importance of intellectual property in our industry," PhRMA Executive Vice President Christopher A Singer told reporters here.
Speaking about bringing more investments in the pharma sector in the country, he said US firms are interested in Indian companies which focus on innovation.
"One of the things they (American companies) look at is the atmosphere and environment of innovation and that we are trying to convey to policymakers here in India," Singer said.
He added that with better policies and collaborations India could be among the leaders in the industry.
"India, if it choses to, be can be very competitive in this area, you have industry in generics area which is one among world leaders. You have the manufacturing capability, the scientific knowledge, you just need right policies to create investment and in many cases it will require partnerships with companies from abroad," Singer added.
Speaking on the existing patent regime in the country, Singer said that there is an opportunity to build on the establishment of patent regime in 2005.
"Right now there are issues, we are concerned in terms of enforcement of patents," he said.
"We do have situations that are currently in courts where some of our member companies patents have been infringed in India. We are concerned about the time it takes for these patent infringement cases to get resolved. It could take years to resolve and during this process you are basically off the market," he added.
He said that they were talking to government officials about the importance of regulatory data protection and have been trying to describe them why that's so important to them.
He said PhRMA was very concerned about counterfeiting of drugs and they were working with authorities around the globe for countering it.
"It greatly affects the reputation of the company whose name is being used. We try to work with authorities around the world to try and improve enforcement," Singer said.
PhRMA members alone invested an estimated $45.8 billion in 2009 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.3 billion in 2009.
