Indian pharmaceutical industry is moving towards a
maturity level. This is more so regarding the generic pharmaceutical
industry of India. Good news for generic pharmaceutical industry of
India is that the patent rights of many world renowned drugs and
medicines are set to expire till 2017. This would give a free hand to
generic drugs companies to produce and sale generic medicine in India
and world wide.
Nothing can improve the reach of the generic
medicines manufacturers of India than utilising the e-commerce
platforms. However, these e-commerce platforms and websites must
comply with Indian
laws to fully encash the benefits of e-commerce.
The legal
formalities required for starting e-commerce business in India
must be duly complied with to escape various civil and criminal
liabilities. This is more so regarding pharmaceutical industry where
the risks and stakes are really high.
Legal issues of e-commerce in India vary as per
different business models. For instance, electronic
trading of medical drugs in India requires more stringent
e-commerce and legal compliances as compared to other e-commerce
activities. Digital
communication channels for drugs and healthcare products in India
are scrutinised more aggressively than other e-commerce activities.
In fact, regulatory
and legislative measures to check online pharmacies trading in banned
drugs in India are already in pipeline.
As per the latest reports, the patent expiry of
several major well known drugs, coupled with other factors, will fuel
growth of global generic pharmaceuticals market by 2017. If this
scenario is supported by suitable health policies and equitable
distribution of medicines, India can be a hub for global generic
medicines production.
In fact, leading global generic pharmaceutical
manufacturers are already entering into contractual agreements with
well known pharmaceutical companies for marketing rights and
exclusivity in producing generic versions of their medicines.
E-commerce can provide a viable platform to sell these generic
medicines across the world.
