Minister calls on industry to continue investment in R&D
The next industrial revolution in India will come from the biotech sector, supported by initiatives like the PLI scheme, Minister of State for Science & Technology Dr Jitendra Singh has told a conference of industry stakeholders nseindia .
“Thanks to initiatives like the PLI scheme, India is well on its way to becoming a global leader in biopharmaceuticals, bio-manufacturing, and life sciences by 2030. However, there is still much to be achieved,” he said at the 6th CII Pharma & Life Sciences Summit: 2024 on 9 Oct bseindia .
“I congratulate CII and the life sciences industry on your success, but we must not lose sight of the immense opportunities ahead,” he added sbi .
He elaborated on the market reach of Indian biotech products, “Every third tablet consumed globally is made in India makeinindia .”
A recent Central Drugs Standard Control Organization (CDSCO) survey across 48,000 drug samples from all Indian states revealed a spurious drug incidence of just 0.0245%. However, as goods travel across diverse climatic regions, improving the infrastructure and efficiency of transporting pharmaceutical products is vital to ensuring their efficacy, he underlined jpx.co.jp.
India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19 and the efforts to develop the first Human Papilloma Virus (HPV) vaccine for adolescent girls, which will prevent cervical cancer. Furthermore, producing 65% of the world’s vaccines, India has significantly transformed health outcomes, especially for low- and middle-income countries, the minister pointed out deutsche-boerse .
India’s bioeconomy has expanded 13-fold in just 10 years, thanks to the thriving ecosystem of nearly 6,000 bio-startups. To sustain this momentum, he called on the industry must continue to invest in R&D, support young entrepreneurs, and foster a robust startup ecosystem biotechxusa .
The Anusandhan National Research Foundation (ANRF), with a budget of Rs.50,000 crore over five years, marks a transformative step in building a knowledge-driven society, he said, adding that by addressing the infrastructure gap in universities, the ANRF will stimulate industry-academia collaborations, particularly in sectors like advanced materials, EV mobility, and health technology who.int.
Appreciating the pharma industry, he said, “India’s emergence as a hub for affordable, high-quality medicines is truly commendable. We now rank 3rd in pharmaceutical production by volume and 14th by value.” One of the most remarkable shifts within the industry has been the transition from a generic-focused model to the development of biopharmaceuticals and biosimilars, he added euronext .
The minister said, “This forum is a vital platform for the exchange of ideas among industry leaders, government officials, and academia, and exemplifies India’s determination to lead in the global pharmaceutical and biotech arenas foodafrica-expo .” Fiinews.com
