Clinical trial is the research study conducted by pharmaceutical firms to look for more efficient treatment for patients with specific disease. And in a quest to launch their drug before others, pharmaceutical players are leaving no stone unturned, from speeding up of the research process to outsourcing the entire research.
Asia-Pacific is fast emerging as the most promising market for conducting clinical trials, and among all the Asia-Pacific countries, China and India are likely to lead, said “Booming Clinical Trials Market in India”, the research report by the leading research firm RNCOS. The report has thoroughly evaluated the factors driving the market and forecasted that the Indian clinical trails market will grow strongly at a CAGR of 35.4% during 2006-2011.
Though China has some benefits over India in terms of low cost and better access to research-related material, a big hitch is that Chinese pharma industry is based on generics and Traditional Chinese Medicines (TCM), which lacks innovation. Conversely, India has flourishing pharma companies formulating their own small and large molecule therapies.
The RNCOS research has looked for the reasons as to why, despite being a novice in the field, India is being preferred by international drug manufacturers for carrying out clinical trails. It has traced the cost of conducting clinical trails at global level in the past and has methodically done a cost (average) and time analysis of conducting various phases of clinical trials in India with respect to countries like the US, the UK, and Germany.
The study also talks about the initiatives being taken by the Indian government to support the clinical trials market in the country. It keeps a watch on the moves and provisions (like tax incentives and exemptions) made by the Indian government to rationally dissect the future course of direction of the market.
As put forth by the report, patient recruitment can prove to be a rate-limiting step in the drug development process. So it has examined the patient concentration per site and studied the recruitment time for patients participating in clinical trials in India and the US to give a precise analysis of the Indian market.
The driving forces are just a part of the elaborative “Booming Clinical Trials Market in India” which focuses on competitive advantages and disadvantages, opportunities, and challenges for the market.