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FOPE spots potential opportunities for Indian cos in Australia & ECTA seen to propel easy market access
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Nandita Vijayasimha, Bengaluru
November 08 , 2024
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The Federation of Pharmaceutical Entrepreneurs (FOPE) has identified potential opportunities for Indian pharmaceutical companies to expand in Australia. Further, the India-Australia Economic Cooperation and Trade Agreement (ECTA) will facilitate strengthening of trade and investment in pharma among other sectors.
According to Harish K Jain, national president, FOPE and director, Embiotic Labs, Australian pharmaceutical market presents a promising opportunity for Indian companies, particularly in areas like generics, biosimilars, and contract manufacturing.
As operational costs in Australia remain high, Indian companies can pull their competitive advantages in manufacturing to provide cost-effective solutions to the market. Through strategic collaborations, setting up local manufacturing units, and offering high-quality, affordable medications, Indian pharma can expand its presence and meet the growing demand for accessible healthcare in Australia, stated Jain at the Australia India Market Access Forum where FOPE represented at Adelaide.
The possibilities of Indian pharmaceutical manufacturing to meet global healthcare demands, with a focus on affordability, quality and regulatory compliance is obvious because our country is the pharmacy of the world. This industry globally is the 3rd largest in volume and 14th largest in terms of value, he added.
Pharma industry in India adheres to the ever-increasing global stringent regulations helping it move up the value chain chipping expertise in not just formulation capabilities but Novel Drug Delivery Systems (NDDS), New Chemical Entities (NCEs), and New Biological Entities (NBEs). This is driven by skill development which is a priority specially in the area of compliance, said Jain.
Noting that Australian pharma’s robust Innovation & Research Ecosystem will collaborate with world class academic institutions, Jain said the growth drivers in Down Under are an ageing population with chronic diseases.
Our industry could make inroads because import from Australia in 2023 was at around US$ 424 million. This is because operational costs make manufacturing expensive. This makes Australia highly import dependent. They opt for countries like India to formulate medicines as per Australia’s needs, the way US FDA is doing.
Even the regulatory landscape is good where its Therapeutic Goods Authority looks to approve the drugs quickly in order to increase competition and lower the price to ensure easy availability.
Even as Australian pharma has the ecosystem and talent, it can collaborate with Indian companies for manufacturing, enter into strategic alliances and joint ventures to research in Australia and Make in India, said Jain.
This gives scope to look into the future of personalized medicines and make it a reality. There is also an opportunity to consider approval of alternative therapies like Ayush to benefit patients and view holistic care as the pathway to preventive health. India stands to gain with ECTA and as a member of QUAD, said Jain adding that FOPE is working for policy advocacy and trade facilitations.
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