Associated Chambers of Commerce and Industry has said it expects the Indian pharmaceutical industry to reach $20 billion by 2015, making it one of the world's top 10 pharmaceuticals markets.
Also, India's clinical trials business is expected to reach about $1 billion by 2011, further solidifying the subcontinent as one of the world's preferred destinations for clinical trials, Assocham added.
This has increased the need to address all aspects of pharmacovigilance to ensure delivering medical advances to patients, quickly and efficiently while protecting public health.
Pharmacovigilance Summit India will take place from 27-29 June in Mumbai this year with regards to these developments.
In July 2010, the Ministry of Health and Family Welfare, India, had launched a road-map for pharmacovigilance in the country under the Pharmacovigilance Programme of India.
The goal of this programme has been to provide safer medicines for the Indian population. However, the program is faced with many challenges.
"The sheer number of patients in India is quite sizeable and the issues sometimes conflict between the need to provide access to medicines versus the need to provide safer medicines," National Coordinator PvPI and a key note speaker at Pharmacovigilance Summit India Dr Y K Gupta said.
"The Ministry of Health and Family Welfare, India is planning to address these challenges by allocating a budget head under the MOHFW budget," he added.
International Society of Pharmacovigilance President Dr Alexander Dodoo will present a case study on Africa's experience in developing a robust pharmacovigilance system with limited resources at Pharmacovigilance Summit India.
The event will bring together regional and global experts to create a dialogue with local and international companies on setting up an advanced drug safety system to optimize resources, and ensure quality and regulatory compliance.
"Looking at India as the future pharmaceutical hub and with regulators embarking on new initiatives to update and expand methodologies to monitor drug safety, this event couldn't come at a better time," IQPC Conference Director Doaa said.