From being tourist attraction for its beautiful and scenic beaches, Goa is slowly becoming the Mecca of Indian pharma industry. Almost all major pharma companies have operations in Goa. Many pharma companies landed in Goa to take the benefits of tax incentives that it had offered. However, much to the surprise of industry analysts, despite the tax holidays being over, pharma companies continued to have their manufacturing base in Goa.
Dr Nitin Borkar, Chief Executive Officer, Vergo Pharmaceuticals, which is based in the Verna industrial cluster in Goa, informs why Goa has been able to attract pharma companies. He says, “The state of Goa with its great cultural and ecological heritage attracts the best talent from the country to work in the 80- plus export-oriented pharma plants. The state offers good educational and healthcare facilities which has helped families of the pharma professionals to a greater extent. The state-run industrial parks provide water and electricity at reasonable rates. The cost of land is reasonable compared to other major Indian pharma hubs. Goa is well connected to other Indian states by rail, road and air. Direct shipment of products through air and natural port is also possible.”
Rajendra Naik, Past President, Goa IPA and current Deputy Director, FDA, Goa, says, “Goa FDA has one of the strongest regulatory mechanisms in the country. It shouldn’t come as a surprise that our pharma companies are known for their quality products.”
Not only modern medicine manufacturers but ayurvedic medicine manufacturers can bank heavily on Goa. The state already has six ayurvedic units and according to Salim Veljee, Goa FDA Director, ayurvedic companies should come forward and set up their units in Goa. Goa is also abundant in numerous medicinal plants.
Umesh Sandu, Director, Sandu Pharmaceuticals, says, “Goa is ideally and strategically located and can cater to domestic and export markets. The regulators are not just friendly but go out of their way to guide and help companies. Further, the government has taken pro-active steps towards establishing green house, which will promote medicinal plant cultivation. In addition to this, the Western ghats are bio-diversity hot spots, where one can find a host of many endangered species. So, Goa is an ideal destination for ayurvedic companies.”
Tourism remains the backbone of Goa’s economy. However, the Goa Government also realised the importance of industrialisation for its overall growth. While changing with times it was ensured that Goa’s eco-system never gets affected due to growing industries. As a result, Goa is still an attraction for global tourists whereas on the other hand industrialisation is making significant contributions to its economy.