India emerging a power in the Clinical Trial space
Rediff says that "a vast, unwieldy population, a plethora of diseases, and rampant poverty" make India "irresistible" in the world of clinical trials.
Global consultancy McKinsey & Co estimates that by 2010, global pharma majors would spend around $1-1.5 billion just for drug trials in the country....
"The world is simply attracted by the facilities that India offers for pharma companies, their product developments and trials. The biggest advantages many look at are, of course, India's huge population of more than one billion, and cheaper costs," Dr Reddy points out...
India's drug industry officials say the clinical-trials outsourcing has just begun in the country.
According to a Confederation of Indian Industry study, clinical trials in India in 2002 generated $70 million in revenues.
It predicts that it would grow to $200 million by 2007 and anywhere between $500 million and $1 billion by 2010.
The moot question here is, how are advantages like this one going to help the general population? Companies basing more of the operations here, and India becoming a bigger market for them too, does not automatically translate into affordable life-saving drugs, esecially if they are path-breaking. It does help the economy in general though, but is that enough compensation? Debatable.
