India needs to step up to be a biopharma major, says Boston Consulting Group

A study by Boston consulting Group revealed that to become an innovation hub in biopharma world, India has to improve its capabilities in information technology, engineering, and clinical research.

"India can become a global innovation hub, but there are several challenges to fully realizing its potential, particularly around policy, infrastructure, and creating collaborative partnerships," said Kim Wagner, a BCG senior partner and coauthor of the report.

The report named 'Biopharma R&D: Moving the Needle in Innovation' stated that more investments need to be injected into bioinformatics, applied and translational research to improve R&D work done in India. Neighbouring nation China has beaten India when it comes to new trials in the last few years, from a 1:1 China to India ratio in 2008, to a 2:1 in 2011.

"India offers several advantages in R&D, but it's behind," said Bart Janssens, a BCG partner and coauthor of the report. "The current $400 million clinical-trial market is considerably less than the forecast expectations of more than $1 billion." said Janssens, in a press statement.