Panel Touts Investment in India

The rapidly expanding economy isn\'t purely a case of \"show me the money,\" said Richard Smith, managing director of life sciences and specialty services at FedEx Express.

\"We also are big believers in the \'Field of Dreams\' \'Build it and they will come.\'\"  Smith told a Memphis Bioworks Business Association audience.

FedEx Express has plunged into the market by acquiring domestic transport companies and molding them to FedEx\'s standards for speed, reliability and security.  \"We believe we are accelerating the growth, intra-country.\"

Smith, son of FedEx founder and president Frederick W. Smith, joined executives from Smith & Nephew, Genome Explorations and DDN on a panel, Doing Business with the Life Sciences India.

Panelists said the time is right for health science companies large and small to figure out how to do business in India, despite challenges that include paperwork and an inadequate road system outside major cities.

Medical devices, including orthopedic and surgical, and medical capital equipment, have a \"very high probability of success for U.S. exporters,\" according to a report from the U.S. Commercial Service\'s Mumbai office.  In most other life science areas, export opportunities outweigh challenges, the report added.

Gaurav Agarwal, a divisional senior vice president at Smith & Nephew, said the company has manufacturing and research and development facilities outside Delhi that interface with the orthopedic division in Memphis.

CEO Dr. Divyen Patel said Genome Explorations had to back off its initial effort in India because it was too difficult to manage from Memphis, but it has since refocused by partnering with institutions in India.

Mark Wiesman, president of DDN, a provider of outsourced services for the life science industry, said India produces about 20 percent of generic prescription drugs, which are a growth segment in the U.S. market.

\"I think they\'re going to continue to gain importance.  I can assure you it\'s really a very competitive global player and a major force in life science.\"