The delegation represented by leading companies from BC informed that CDAs with Indian companies have been inked. In order to take the process to the next level of implementation, some BC companies would return to India in November.
The impressive growth of biotech sector in India has been touted as the key attraction for global majors to scout for market expansion opportunities in India. This led the BC to open its Trade & Investment Representative office in Bangalore to facilitate trade relationships with India and the biotech sector was identified as a priority under the Indo-BC collaboration.
The BC team comprised which was in India recently included John Clement, chief technology officer, iCo. Therapeutics, Jasbinder Sanghera, president & chief scientific officer, Signal Chem, Issa Nakhleh, CFO, Heart Force Medical, Dr Geoff Houlton, president and CEO, BC Women's and Children Hospital, Geoff Hammond, deputy director, Child & Family Research Institute and Gordon Owen, president, Westlink Innovation.The primary focus of the delegation which visited Mumbai, Bangalore and Hyderabad was to find suitable partners for research/marketing projects. Several rounds of discussion took place about various models of business and collaborations, Pratap Reddy, managing director, British Columbia Trade and Investment Representative Office told Pharmabiz.
Some of the common research areas for BC and India include oncology, cardiology, neuro science, HIV/AID, infectious and neglected disease. Now BCTIR is facilitating the process by bringing the right partners to the table from both sides. Cancer research institutions from BC are looking for the right research, manufacturing and clinical trials partners in India. The country's vast and diverse patient pool is would help BC companies to initiate clinical trials here. Further, companies are convinced that India is the biggest and immediate revenue generative market for new cardio device and diabetes formulation, he added.
BC is one of the largest biotech hubs in North America having a maximum concentration of 30 per cent companies in Canada. There are around 100 biopharmaceutical companies, 60 medical device manufacturing and distribution companies and 30 bio products companies.
So long, it was the uncertain Intellectual Property environment which posed a hurdle to collaborate with companies in India. But now amendments in Indian Patents Act and the TRIPS compliance have given BC companies the much- needed confidence, stated the delegates.
During the global economic meltdown, British Columbia remain unscathed because of the sound banking system and strong currency with the highest credit ranking of 'AAA' in Canada. The ranking was based on the province's track record of prudent fiscal planning and low debt burden which helped to meet the monetary challenges, stated the delegation members.
Source:Pharmabiz
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