Ageing Japan beckons Indian pharma companies – dnaindia.com
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Though the recent visit of Prime Minister Narendra Modi to Japan ended on a not-so-eventful note for the Indian pharma sector, the industry is hopeful that the Japanese market will slowly turn to India for exports of generics.
Japan, which was so far had been a market for patented and innovative drugs, is slowly realising the importance of low-cost generics, due to growing ageing population.
S V Veerramani, president, Indian Drug Manufacturers’ Association (IDMA) and chairman and managing director, Fourrts (India) Laboratories, told dna, “Japanese market was earlier a more innovator and research-based market, and only allowed patent-based products. But they are slowly turning to generics because they have realised that prices of generics are lower and also that Japan has a large ageing population.” The government there is giving added benefits, such as tax incentives, etc, to hospitals and doctors who are prescribing generics, he said.
P V Appaji, director general, Pharmaceuticals Export Promotion Council of India, said if Japan has to reduce its healthcare burden, it must depend on generics, adding that the Japanese government also has announced policy for increasing share of generic usage in the country.
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