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Indian drug-makers to step up focus on research and innovation in fast-changing global market realities where countries like Bangladesh and Vietnam are emerging as significant players, according to R Uday Bhaskar, Director General, Pharmaceuticals Export Promotion Council (Pharmexcil).
- Also read:Domestic drugmakers call for Indo-US collaboration to ensure supplies of affordable medicines
Speaking on the sidelines of the pharma expo PharmaLytica here, Bhaskar said Bangladesh was excelling in manufacturing, while Vietnam is becoming a strong contender in the vaccine sector. “This shift underscores the need for India to focus on research and innovation to stay competitive in the global market,” Bhaskar said.
Indian pharmaceutical companies spend less on research and innovation compared to their counterparts in Europe and the US. The industry needs to focus on developing biosimilars, biologics, and complex generics to remain competitive. Government support for research and innovation is currently inadequate.
“Post Covid many US companies closed their manufacturing sites due to unprofitable operations, leading to drug shortages. There is an increasing demand for drugs in the US for lifestyle diseases such as diabetes, hypertension, and depression, which India can supply at affordable prices,’‘ the Pharmexcil DG said.
India’s pharmaceutical exports reached $27.8 billion with a growth rate of 9.66 in FY24.
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