In the present times, where the world is faced with numerous health issues, pharmaceutical industry play a key role in furthering medical progress by researching, developing, and bringing new medicines that improve health and quality of life for patients around the world. Ranking 3rd worldwide for production of pharmaceuticals by volume and 14th by value, the Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. As per Invest India reports, while recently the industry in Indian pharmaceutical industry is valued at $41.7 billion, it is expected to reach $65 billion by 2024 and to $120 billion by 2030. Essentially, to comprehend the health needs during the COVID-19 pandemic, India has emerged as a front-runner owing to its mass export of essential medicines globally. Innovation in the pharmaceutical sector requires effective collaboration, thereby even, the Government of India has taken significant steps to establish international alliances by entering into bi-lateral collaborative arrangements with other important stakeholders in the global pharma sector such as the United Arab Emirates (Comprehensive Economic Partnership Agreement) and Australia (India-Australia Economic Cooperation and Trade Agreement).

Becoming a base to large number of scientists and experts who can aid India’s aim of becoming self-sufficient, be it through digitization of the healthcare sector or...