The economic environment of a country has a very strong impact on the economic system in which its industries and business firms operate. As far as economic environment of India is concerned, India's is a mixed economy. A simple mixed economic system is characterized by existence of both private and public sectors. In present the clinical trial market in India looks very lucrative. The country promises to be one of the hottest destinations for conducting global clinical trials, owing to a huge patient pool representing both chronic and infectious diseases, easy recruitment of patients, and high cost savings. Moreover, the market is getting boost from improved IPR protection with changed rules and also from reduced taxes and duties. According to our new research study on the sector called "Booming Clinical Trials Market in India", the clinical trial outsourced market in India is forecasted to grow at a compound annual growth rate( CAGR) of around 31% during 2010-2012. Presently, the market is characterized by the dominance of phase III and phase II trials, which currently hold more than 80% of the market. India has the largest pool of patients in many diseases, including cancer and diabetes. The study also points out that India's biggest advantage is its low cost. For instance, trials for a standard drug in the US can cost up to $150 million. A similar drug could be tested in India for less than half that amount. Center Watch has predicted that by 2010, the industry will spend around $250-300 million on clinical trials in India. Mc Kinsey estimates a much higher figure of $1-1.5 billion. This scenario is expected to remain intact in future as well. With detailed description of the regulatory environment and cost factors promoting the market. It also highlights several emerging market trends like clinical data management, pathology and diagnostic market, etc. The research study offers detailed statistical and analytical review on demographics, macroeconomic indicators, disease profile, clinical service market, key drivers and restraints. It contains all the requisite information that will help clients to draw up market strategies and assess opportunity areas in India's clinical trial market.Clinical trials in India is 44% less expensive than US trials.
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