With the pharmaceutical industry aiming to grow from $58 billion to $130 billion by 2030, he highlighted significant opportunities in the Medtech devices, hospital, and diagnostics sectors.
Jain emphasised the importance of formulating an innovation agenda, setting quality benchmarks, and ensuring global access for Indian products. He suggested that India should transition from being the world’s pharmacy to also manufacturing and developing products domestically.
Bhushan Akshikar, President of the Organization of Pharmaceutical Producers of India (OPPI) and Managing Director of GlaxoSmithKline Pharmaceuticals, stated that the industry is seeking pricing reforms and duty exemptions from the government. OPPI’s Director General, Dr. Anil Matai, advocated for government incentives to promote disproportionate investment in innovation and R&D. Speaking to CNBC-TV18 at the OPPI annual summit, he highlighted that the cost of failure in research is high, with the global cost for a drug to reach the market ranging from $1 billion to $2 billion.
He called for the protection of Intellectual Property Rights (IPR) and 200% exemptions for research investments as measures to encourage the industry to invest in R&D.
Assuring that the issue of sub-standard drugs and cough syrups is a thing of the past, Matai praised the strict actions taken by the Central Drugs Standard Control Organization (CDSCO), which have made many pharmaceutical manufacturers realise that they will not survive if they focus solely on profiteering rather than quality.
He called for an increase in resources for inspections in the regulatory system, emphasising that timely penalties for violators will not only help identify the scale of counterfeiting but also compel businesses to comply.
With life sciences expanding beyond pharmaceuticals into hospitals, diagnostics, and medical devices, Matai added that while pure pharmaceuticals will continue to drive growth, increasing awareness and the rise of chronic diseases will spur growth in these sub-sectors.
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