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.