Pharma Sector Must Focus On Innovation To Become Global Leader Says Mansukh Mandaviya

Mansukh Mandaviya, Union Health Minister, has urged the indigenous Pharma Sector to focus on the research and development of novel goods in order to progress up the value chain and reach global leadership. Mandaviya, who also owns the Chemicals and Fertilizers portfolios, has encouraged medical technology businesses to manufacture vital equipment for worldwide markets in India. Mandaviya stated during the formally unveiling of the National Policy on Research and Development and Innovation in the Pharma-Med Tech Sector here that domestic pharmaceutical companies invest less in R&D than global companies.

"International MNCs spend 20-25 per cent of their profits in research and innovation while for Indian companies the average is around 10 per cent...Till the time we do not come out with research-led innovative products, we cannot lead the segment globally," he noted. He stated that the government intends to make the pharmaceutical business self-sufficient by 2047. "Today is a historic day, an inflection point in the journey of "Atmanirbharta" in the pharma & medical devices sector. We need to transform Indian Pharma & MedTech sectors from a cost-based to a value-based & innovation-based industry," the minister said.

Mandaviya asked the pharma industry to focus on developing quality products and not just focus on the quantity, as per PTI. "India can only achieve self-reliance in pharmaceuticals and medical devices by strengthening its research and development infrastructure that would drive the expansion of access to life-saving medicines and drugs and help India become a global pharmaceuticals and medical exports hub," he added. He stated that the government has been working closely with industry and academia to effect improvements in the domestic pharmaceutical industry in order to propel it to a leadership position. In August of this year, the Department of Pharmaceuticals (DoP) notified the National Policy on Research and Development and Innovation in the Pharma-Med Tech Sector in India.