Clinical Trials Market in India

India has emerged as a strong base for clinical trials in recent times. Due to the multitude of benefits it offers, the country is fast growing as a centre for conducting clinical trials for many international companies. So It has launched its research report called “Booming Clinical Trials Market in India” to give first-hand information on the Indian clinical trials market. It investigates the key competitive advantages/disadvantages India has when it comes to conducting clinical trials in the country. The report also does a through study of the key factors which evaluate the country’s clinical trials, such as patient pool, patient recruitment, cost, time, government regulations, intellectual property, human resources, infrastructure and ethical issues.

India, with its huge patient base, low cost advantage, completion of clinical trials on time, improving infrastructure, and with a strong government support is witnessing a double digit growth in its clinical trials market. All major pharmaceutical companies and Clinical Research Organizations (CROs) have already started conducting their clinical trials in India, and with improving infrastructure, industry friendly regulations and trained workforce, the growth is only likely to increase in future.

However, to achieve its goal of becoming a global hub of clinical trials, the country will have to overcome challenges like unethical trials, delay in trial approval, inappropriate protection of clinical data, and lack of Good Clinical Practice (GCP ) certified sites and investigators.

Some Key Findings

• Indian clinical trials market is expected to grow at a CAGR of nearly 36% between 2006 and 2011 to register revenues worth US$ 546 Million in future.
• One of the biggest advantages of conducting clinical trials in India is the availability of a large patient pool that can be recruited at much shorter time then it takes to recruit patients in the west.
• India by 2011 will be conducting more than 15% of the total global clinical trials.
• India presently lacks in GCP trained investigators (which are less than 1000). Their demand is projected to reach between 3000 and 6000 by 2010.
• India does not provide “Data Exclusivity” in clinical trials unlike the US and EU members.
• The salaries of a clinical data specialist and Medical writer in India are around 15% and 9% respectively of what they get in the US.
• The clinical trials market will drive the growth of the Diagnostics and Pathology Industry in India.

Indian Retail Strategies Trends and Opportunities

Retail is India’s largest industry, accounting for over 10 per cent of the country’s GDP and around eight per cent of the employment. Retail industry in India is at the crossroads. It has emerged as one of the most dynamic and fast paced industries with several players entering the market. But because of the heavy initial investments required, break even is difficult to achieve and many of these players have not tasted success so far. However, the future is promising; the market is growing, government policies are becoming more favorable and emerging technologies are facilitating operations.

Retailing in India is gradually inching its way toward becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retail has entered India as seen in sprawling shopping centres, multi-storeyed malls and huge complexes offer shopping, entertainment and food all under one roof. The Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector are going to be the key growth drivers of the organized retail sector in India.

Some Key Facts:

- Retail is India’s largest industry, accounting for over 10 per cent of the country’s GDP and around eight per cent of the employment

- The market size of Indian retail industry is about US $312 billion

- Organised retailing comprises only 2.8 per cent of the total retailing market and is estimated at around US$ 8.7 billion

- The organised retail sector is expected to grow to US $ 70 billion by 2010