The US-India Business Council (USIBC) in partnership with the Department of Industrial Policy and Promotion (DIPP) and the Investment and Technology Promotion Division (ITP) of the Ministry of External Affairs organized a conference on "Growing the Innovative Bio-pharmaceutical Industry and Expanding Healthcare Access in India".
"India is already a global leader in pharmaceuticals," said Dr. Mukesh Aghi, President of USIBC. "With the right vision and policies as well as human capital, it is poised to grow and increase Research and Development spends domestically while also attracting investment from global players in clinical research and other areas important to drug development and discovery," added Mukesh.
"We believe that India has the unmatched potential to be a global top 10 competitor in the innovative life sciences and biopharmaceutical sector. Competitiveness in this strategic sector can be enhanced through robust intellectual property, globally aligned rules and regulations and simpler taxation," said Jeff Kemprecos, ED, Merck and Co., Inc.
Professor Meir Pugatch, IPKM Chair University of Maastricht and Managing Director Pugatch Consilium, added, "By addressing the most urgent policy elements within the area of clinical research such as clarifying ambiguous definitions, procedures and protocols governing clinical research within the Drugs and Cosmetics Act, increasing resources for needed capacity building, funding and infrastructure and improving the legal/ IP environment - India stands to increase its number of new clinical trials per year from around 170 to above 800 and add over 600 million dollars in direct monetary transfers and indirect economic gains."
In terms of overall health and economic outcomes, "studies of numerous countries have shown that pharmaceutical innovation has had substantial positive effects on longevity and productivity, and that it has reduced the need for costly hospital and nursing home care," said Professor Frank Lichenberg, PhD. Professor at Columbia University.