Nov 03, 2010
US-India Business Council to focus on biotechnology
The US-India Business Council will embark on a life sciences executive mission to coincide with the Biotechnology Industry Organisation's first annual international partnering conference in Hyderabad Sep 21-22.
Led by Amgen's Romi Singh, executive director of Global Regulatory Affairs and Safety, the mission aims to increase industry cooperation, said the trade association which aims to advance commercial ties between the two countries.
According to the recently released "Vision 2020" report produced by ABLE and PriceWaterhouseCoopers at the request of India's Department of Industrial Policy and Promotion, the global bio-pharmaceutical market could be worth $319 billion by 2020. India should aim to capture 10 percent of this market, the report suggests.
The USIBC delegation, consisting of the world's leading biopharmaceutical players, will be meeting with Indian government officials and industry leaders to discuss the policies and innovation ecosystem necessary to ensure that India meets or exceeds that target.
The bio-pharmaceutical industry executives will be joined by several industry leaders in the clinical research space.
"The clinical research industry will play a vital role in fostering the growth anticipated in the Vision 2020 report. This mission will help ensure that we're laying the groundwork for increased regulatory harmonization and collaboration," according to USIBC President Ron Somers.
The USIBC mission will also participate in several meetings of the bilateral US-India High Technology Cooperation Group.
The results of these meetings, focused on the regulation of biologics and biosimilars and on fighting spurious drugs, will ultimately form the basis of discussions between the US and Indian governments, the trade association said.
Source: The Economic Times of India