After creating a revolution in the IT, aviation, automobiles and mobile manufacturing sectors India is now set to become the hub for clinical trials industry.
Analysts predict that this industry is estimated to grow tremendously and touch $546 million by 2010 from the current level of less than $150 million. India is also likely to capture 15 per cent market share of the total global clinical trials industry.
During 1996 to 2000, the US outsourced 4,230 clinical trials, of which one came to India whereas during 2001 to 2005, the US outsourced 12,022 trials of which India bagged 192. Currently, there are over 1500 sites that conducted clinical trials and 300 of them were registered with the FDA (Food Drugs administration), which indicates how the market is booming.
A survey conducted by industrial association , Assocham revealed that largest population, availability of qualified doctors and cost are the main reasons for this industry to flourish in India. The huge population here will help in faster patient enrolment, which is essential to complete the clinical trial process quickly. The other advantage that India has is language as it obviates the lead of translation of data from native language to English — a process that demands money and time.
Courtesy : www.asianage.com
Analysts predict that this industry is estimated to grow tremendously and touch $546 million by 2010 from the current level of less than $150 million. India is also likely to capture 15 per cent market share of the total global clinical trials industry.
During 1996 to 2000, the US outsourced 4,230 clinical trials, of which one came to India whereas during 2001 to 2005, the US outsourced 12,022 trials of which India bagged 192. Currently, there are over 1500 sites that conducted clinical trials and 300 of them were registered with the FDA (Food Drugs administration), which indicates how the market is booming.
A survey conducted by industrial association , Assocham revealed that largest population, availability of qualified doctors and cost are the main reasons for this industry to flourish in India. The huge population here will help in faster patient enrolment, which is essential to complete the clinical trial process quickly. The other advantage that India has is language as it obviates the lead of translation of data from native language to English — a process that demands money and time.
Courtesy : www.asianage.com