Industries Minister KT Rama Rao emphasised the importance of government incentives, stating that India is a price sensitive country with tremendous pressure on companies to launch low-cost drugs.
A lot of emphasis was placed on research and development and innovation in the United States and Western countries. If the same focus is to be maintained in India, the government should practise rigorous incentivising the private sector, as there was no reward for Indian entrepreneurs to continue research extensively, he said.
The Minister also stressed further on decentralisation of regulatory affairs while speaking at the CEO Conclave Panel Discussion on ‘Future Growth Driver: What’s Next for India?’ as part of the BioAsia 2023 conclave here on Friday.
Among the 28 states in the country, only three to four States were primarily involved in production and other aspects. He suggested that the Central Government, in collaboration with these three to four states, devise a better model for revamping regulatory affairs and granting faster approvals.
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Jubilant Bhartia Group Co-chairman and founder Hari S Bhartia stated that clinical trials in the United States are approved in about 30 days, but it takes much longer in India. To capitalise on the growing opportunity in the pharma sector, India must discover drugs for the Indian market, as China has done. Glenmark Pharmaceuticals MD and CEO Glenn Saidanha agreed, saying China encouraged local production on a large scale. To scale up this trend, there has to be some reimbursement model in India, he suggested.
Dr. Reddy’s Laboratories Chairman Satish Reddy said that after Covid, there was a lot of emphasis on health and wellness. Given current operations, the pharma sector in India is expected to grow at double digits, and a revamp of regulatory affairs is required to support this trend, he said.
On the milestones India could achieve in the next decade, especially in the health and pharma sectors, Nandini Pirmal of Piramal Group predicted more spending on the development of health infra and pharmaceuticals sectors. Biological E Limited Managing Director Mahima Datla said the key milestones would be access to necessary drugs in addition to regular immunization.
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