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Consulting firm Ma Foi forays into the Rs. 90,000-crore, fast growing pharmaceutical industry
worldprwire
Chennai based global management consulting firm, Ma Foi Strategic Consultants, today announced acquiring a stake in the Coimbatore-based Oviya Medsafe Pvt Ltd., a pharmacovigilance consulting and services start-up. Oviya MedSafe, founded by Dr J Vijay Venkatraman, a Diabetologist and Drug Safety Physician, is one of the few exclusive players in the country's pharmacovigilance outsourcing industry. This emerging industry supports the growth of drug safety practices across the globe. Consulting firm Ma Foi, which earlier played a crucial role in establishing the HR industry in India, has now forayed into the sector in pursuance of its goal of excellence and commitment to the SME community. Worldover, the global pharma industry is under pressure as regulatory bodies such as the USFDA and EMEA intensify safety regulations, thereby boosting the adoption rates of pharmacovigilance systems by pharmaceutical companies. Thus, the pharma industry is increasingly turning to pharmacovigi
lance
(PV) experts to provide them with drug safety services. The current global pharmacovigilance market size is about US$12 billion. According to a Vision Gain report, by 2015, the market size would be US$15 billion, and will continue to grow in double digits till 2021. India opportunity: Thanks to globalization, India is now recognized as the 'Global pharmacy of Generic Drugs' due to its capabilities of providing quality drugs at affordable cost. Of late, the country is also rapidly emerging as a favored destination for drug discovery and development. Being the 4th largest exporter by volume of generic drugs and biologics, largely to the US, followed by the UK, Germany, South Africa and Russia, there is a tremendous scope for India in the space, given the abundance of life science professionals in India in the background of the expertise the country has achieved in the IT and ITES industry. It is all the more important as the Indian Pharmaceutical industry is said to reach US$
20
billion by 2015, making it one of the world's top 10 pharmaceuticals market. Speaking at a Press Conference, Dr J Vijay Venkatraman, Managing Director and CEO, Oviya MedSafe Pvt. Ltd., stated, 'With reports confirming India as a high-skilled country for large scale outsourcing of pharmacovigilance activities of pharmaceutical companies from many parts of the world, Oviya MedSafe aspires to step in as an end-to-end provider of global pharmacovigilance support. Our expert team of senior advisors, physicians and pharmacovigilance professionals will strive to provide quality drug safety services to pharmaceutical companies, contract research organizations and both governmental and non-governmental health organizations. We are sure that the strategic inputs and ongoing support from Ma Foi would help us grow more steadily and expand our scope of pharmacovigilance consulting services across the globe soon. The pharmaceutical industry in India is valued at Rs. 90,000 crores clocking
an
annual growth rate of 12-14% per annum. Exports in the sector are seeing a growth of 25% CAGR every year, with the current estimated value at about Rs. 40, 000 crores. India's pharma exports reach around 200 countries in the world including the highly regulated markets of USA and UK. Indian pharmaceutical companies are now catching up with their global counterparts in pharmacovigilance also, thanks to the emerging new regulations enforced by the government. Announcing the stake acquisition in the Coimbatore-based start-up, Mr K Pandia Rajan, Founder and Managing Director, Ma Foi Strategic Consultants, said, "As we witness the rapid and promising growth of the country's consulting and research / analytics sector, we see ourselves playing an even more crucial role in the emerging pharmacovigilance consulting market as well. With this acquisition which is a part of our consulting model we deploy, we are extremely confident that Oviya MedSafe, which has prominent experts of the
healthcare and pharma industry at its helm will grow and expand its operations in major cities across India as well as in select global locations by 2015. We are glad to be associated with Dr J Vijay Venkatraman and his team of veteran physicians and consultants, all set to become a leading player in the pharmacovigilance space by providing all the services along the entire value chain of drug safety."Notes to EditorAbout Oviya MedSafe: Founded and headed by Dr J Vijay Venkatraman, Oviya MedSafe is a Coimbatore based pharmacovigilance consulting and services company that offers Medical and Drug Safety Services to pharmaceutical companies, CROs, healthcare BPOs and other health agencies. It provides end-to-end pharmacovigilance support to established pharmaceutical companies besides consulting for emerging companies to develop and maintain their drug safety systems. The other members of the Board chaired by Dr V Janarthanan, Senior Surgical Consultant & Managing Director of K
TVR
Group Hospital, Coimbatore are Dr C J Arun Raja, an orthopedic surgeon with special interest in evidence based medicine and research and Mr K Pandiarajan, Founder and Managing Director of Ma Foi Strategic Consultants. About Ma Foi: Chennai-based, Ma Foi Strategic Consultants, started by Mr K Pandiarajan and Ms Latha Rajan, the successful entrepreneur couple behind India's biggest success story and the pioneers in the HR space. Ma Foi Strategic Consultants is a management consulting firm founded in 2012 that offers services end-to-end solutions in following three verticals - Management Consulting, Research & Analytics and Management Education.Read more on IndiaPRwire.com

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