Union Minister for Health & Family Welfare stated, “The Government of India, under Prime Minister Narendra Modi’s leadership is committed to promoting Indian Life Sciences as a globally competitive sector to ensure the availability, accessibility, and affordability of drugs and medical devices in domestic and global markets” as he addressed the roundtable discussion on Opportunities in R&D and Innovation in Life Sciences at the World Economic Forum, in Davos.
The meeting’s goal was to create an accessible and affordable life sciences ecosystem, identify industry gaps, expand opportunities for knowledge sharing and innovation in R&D, and recognise investment opportunities toto build a strong R&D and innovation ecosystem and boost the competitiveness of the life sciences sector.
Speaking at the event, Dr. Mansukh Mandaviya noted that innovation-based goods account for a large portion of the worldwide value capture in the life sciences industry (almost 40 per cent of a market worth 6.65 trillion USD).
Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PM-JAY) and Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana (PMBJP), among other programmes, have drawn attention and created a sustained demand trajectory for the pharmaceutical and medical technology industries. These factors, along with the expansion of the Indian middle class and commitment to universal healthcare, have also contributed to this trend.
The Union Health Minister advised the Pharma-MedTech sectors to step outside their comfort zones and adopt innovation as a guiding principle of their business strategies in order to seize these opportunities. He stated, “India is now ready to compete on the world stage and shift from high-volume to high-value products.”
In order to become a global leader in the development of cutting-edge drugs and medical devices, India is making systematic and coordinated efforts in the areas of R&D and innovation in the pharma-medtech sector.
In this regard, he stated that the Union Govt is focusing on three major areas, (i.e), Strengthening the regulatory framework, Incentivising investments in innovation through a mix of fiscal and non-fiscal measures, and Creating a facilitatory ecosystem.
Dr. Mandaviya also emphasised recent government initiatives to mainstream traditional treatments and phyto-pharmaceuticals into public discourse and practice. He said that the employment situation, the farming community, business, and education will all be impacted directly and indirectly by the segment’s growth pattern.
He also mentioned how the government supports the medical device industry through a production-linked incentive programme and emphasised how the bio-pharmaceuticals industry has produced a 50 per cent compound annual growth rate (CAGR) over the past five years.