Indian pharmaceutical companies have ranked at the bottom position in the recently conducted 2016 Biopharmaceutical Competitiveness & Investment (BCI) Survey. India has been ranked No. 19 in a 28-nation survey of biomedical investment attractiveness of countries, with an overall score of 59 out of 100.
About the Survey :
The US, UK and Switzerland lead, with the US at No. 1 with a score of 86.
- India has been ranked No. 19 in a 28-nation survey of biomedical investment attractiveness of countries, with an overall score of 59 out of 100.
- The ranking is part of the third edition of the Biopharmaceutical Competitiveness Survey (BCI) commissioned by the Pharmaceutical Research and Manufacturers of America and executed by the Pugatch Consilium.
- It looks at biomedical innovation and its influencers, like intellectual property protection for investments in the sector.
Five metrics were used to determine rankings:
- Scientific capabilities and infrastructure;
- Clinical research conditions and framework;
- Regulatory system;
- Market access and financing; and
- Effective intellectual property protections.
Mature markets also seek to provide a highly streamlined regulatory framework, advanced intellectual property protection and favourable tax conditions (with some exceptions), the report advances. Interestingly, Singapore with a score of 85—placed in the newcomers category—is only a point behind the US, which is a mature market.
- India, along with China, Colombia, Argentina, Turkey, Russia, and Brazil were labeled as trailing markets, based on their overall score, while Saudi Arabia, Mexico and South Africa, the survey found, were “catching their stride”.
- Local executives indicate that India’s current draft bio similar guidelines deviate from WHO (World Health Organization) guidelines and international standards in several areas and if implemented as such could detract from India’s investment competitiveness.
- It is noted that only one compulsory license has been issued till date in India—to domestic generic drug maker Natco for Bayer AG’s anti-cancer drug Nexavar—which resulted in a 97% price reduction.