11 October 2016 Current Affairs: Indian pharmaceutical companies have ranked low at 19th position with an overall score of 59 out of 100 among in the Biopharmaceutical Competitiveness & Investment (BCI) Survey.
The survey of 28 countries was commissioned by the Pharmaceutical Research and Manufacturers of America and executed by the Pugatch Consilium. It was third edition of survey.
Five metrics were used to determine rankings of countries. They are (i) scientific capabilities and infrastructure; (ii) clinical research conditions and framework; (iii) regulatory system; (iv) market access and financing; and (v) effective intellectual property protections. It had looked at biomedical innovation and its influencers, like intellectual property protection for investments in the pharmaceutical sector. It had categorized countries into two groups viz. mature markets like UK US, and Germany, and newcomers like China, India and Brazil.
Highlights of Survey : Mature markets provide advanced intellectual property protection, highly streamlined regulatory framework and favourable tax conditions with some exceptions. India, along with China, Argentina, Colombia, Russia, Turkey and Brazil based on their overall score were labelled as trailing markets.
Singapore which has placed in the newcomers category with a score of 85 is only a point behind the US, which is a mature market. India scores low on almost all metrics except in the clinical research conditions and framework and scientific capabilities and infrastructure. India’s IP regime, including Section 3(d) of IP Act requiring biopharmaceutical inventions to show ‘enhanced efficacy’, continues to affect its investment environment.