India has been a front-runner in the global generic market and has earned a strong reputation as a reliable provider of good quality, affordable treatment options for patients the world over. This one incident of quality and regulatory non-compliance by Ranbaxy has the potential of eroding the high credibility that the Indian pharma industry enjoys. Ranbaxy's failure to take immediate corrective action on the issue of non-compliance added to the gravity of the situation. This is indeed a big wake-up call for the entire Indian pharma industry for collectively working to protect our hard-earned reputation through demonstrated action rather than rhetoric.
More worrisome is the threat of reputational damage it can cause to Indian pharma. The stakes are huge. India's pharmaceutical exports are poised to rise to about $20 billion by 2020. Indian generics account for a 30 per cent share of the US market. Read the full story.