He, however, cautioned that the industry should gear up to strengthen the core areas such as clinical development and research capabilities.
"India has enormous opportunity to discover drugs but there are a few areas where we need to strengthen our capabilities - especially in the area of biology and clinical development.
"I am sure within next 10 years, we will have new drugs from Indian firms as well," Shanghvi said at the symposium 'DRILS Synergy 2015' organised by the Dr Reddy's Institute of Life Sciences (DRILS).
Later speaking to reporters, GV Prasad - Dr Reddy's Laboratories co-chairman and chief executive officer said DRILS, which was incorporated in 2004, is working with over 20 pharma companies from India as well as abroad in their research projects.
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Akella Venkateswarlu, Founder-Director of DRILS, said the institute is ready to offer solution-focussed research to industry in life sciences, drug discovery and product development.