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In its 2014 annual report from CPhI Worldwide, industry experts suggest that the pharmaceutical industry needs an evolutionary approach to remain sustainable in the longer term.
In the first installment of the 2014 annual report from CPhI Worldwide, industry experts suggest that the pharmaceutical industry, in its present form, needs an evolutionary approach to remain sustainable in the longer term and open up access to drugs to more of the World’s population.
Vijay Shah, executive director & COO of Piramal Enterprises, Dilip Shah, CEO of Vision Consulting, and Girish Malhotra, president of EPCOT International, forecast predictions for the industry, advocating changes to revolutionize production processes and profits in the second annual report from CPhI Worldwide.
The contributors identified ideas to help make development and manufacturing more efficient, along with new technologies like green chemistry, as solutions that will reduce costs and improve current manufacturing processes and environmental impact, the report says.
Malhotra argues that for too long the industry has relied on selling its drugs entirely to the developed world and has, as such, not been actively focused on delivering increased process innovations that would bring cost savings and increased profits, whilst opening up new markets in the developing world.
Dilip Shah believes that the current model of strictly implementing IPR in all markets has perversely resulted in diluting innovation across the industry and reducing onerous IPR requirements in developing economies can increase innovation.
Vijay Shah suggested green chemistry as new method set to reduce costs; his research indicates this sector will grow rapidly to reach a value of $100 billion by 2020. Moreover, he is imploring governments globally to support this by reducing regulation and increasing incentives.
CPhI reports it will release the annual report findings, which include seven additional expert articles, at CPhI Worldwide 2014, 7-9 October at Paris Nord Villepinte-France.