Indian government officials, attending a day-long brain-storming session in Boston, said that they are taking concrete steps in this regard.
"There is a lot of potential in India which is still untapped," said Maya Said, vice president head of strategy external innovation and science policy, global research and development of Sanofi, a French multinational pharmaceutical company.
According to Said there are areas where India needs to work out in order to realise its full potential, including regulatory reforms.
Academicians and top executives of the bio-pharma and healthcare sector argued that it is important for the global community that India succeeds in its endeavour.
"I think, India has incredible responsibility for helping us understand about what causes diseases .. What I think India has the need and responsibility to create the new medicine for the future not only for the Indian population, but also that of the world too... I think India has a role to help the world in getting drugs.
"If it does not, I think we all are going to fail