Aiming to become major global pharma players, Indian and Chinese pharmaceutical industries have agreed to collaborate as they seek to pip developed countries in supply of generic drugs requirement of the world.
A memorandum of understanding (MOU) will be signed between Indian Drug Manufacturer's Association (IDMA) and China Pharmaceutical Industry Association (CPIA) in Mumbai on January 7.
Secretary General of Indian Drug Manufacturer's Association (IDMA) Daara Patel today said the aim is to provide information, data and guidance to each other's members.
This is for registration, importation, distribution, marketing and administration of drugs and medicine and includes information about the statutory regulations.
"The collaboration between the two will give an edge over the developed countries. Together we can meet the generic drugs requirements of the world," Patel said at a FICCI event here.
Speaking at the event, Liu Zhanglin, Vice-President, China Chamber of Commerce for Import & Export of Medicines & Health Products said that the MOU would act as a starting line between the two nations.
"...It outlines for co-operation between China and India in pharmaceutical industry," Zhanglin said.
He also welcomed the recent decision of the DCGI to send inspectors to China for checking their API facilities.
"...No problem. Its okay for us," Zhanglin said.
Both India and China are expected to propel global pharma market to $1.1 trillion by 2014.
Both the countries have the capabilities to produce active pharmaceuticals ingredients (APIs) which are 60 per cent cheaper than in the western world.
India and China have reported trade worth $3.1 billion in the pharmaceutical sector, including medical devices, in the first ten months of the current fiscal.
The trade during last fiscal stood at $2.8 billion.
Patel said both India and China could lead the developed nations if they could leverage their expertise in formulations and APIs.
With trade balance firmly towards China in the sector, due to low costing of APIs, the Indian pharma delegation emphasised the need to develop a mechanism which provides a win-win situation to both sides.
"We would like them (China) to accept our formulations at a competitive price," Patel said.
