Companies such as Aurobindo, Hetero, Divi’s Lab and Dr Reddy’s have recently purchased acres of land in Hyderabad to establish their R&D centers. Parmjit Arora’s Health Biotech, in particular, is developing an ecosystem of transformational R&D through rapid advances in technology.
Indian Pharma Industry
The past few decades have witnessed the rise of healthcare industry in India. With the convergence of Fourth Industrial Revolution, technologies including genome editing and artificial intelligence are revolutionizing the world of medicine.
With the evolution of technology, R&D in India has reached a level that is now helping to identify the future needs, and working on ideas that can evolve the healthcare system with the changing requirements.
As a sunrise sector of India, this industry has the potential of developing meaningful innovations like introducing a new feature that can make a product more useful or a unique methodology that can be applied to solve a real-world problem. This is the reason investment in R&D shouldn’t be treated as a prudent choice but a necessary one.
The role of R&D in the present day
Over the last few years, there has been speculation about the R&D fund. The draft of the policy finalized by the government highlights funding for innovation in the pharma and med-tech sector, besides strengthening the R&D infrastructure.
“India being the pharmacy of the world, now needs to move up the value chain. Innovation is going to be fundamental for the healthcare industry, thus it should be supported,” said Sudarshan Jain secretary general, Indian Pharmaceutical Alliance.
Through R&D, India is now witnessing transformational innovation —an innovation that focuses on delivering customer value through novel products and solutions that address the untapped market needs. Given the market size of the country, it is fast transforming into a Global Research and Development hub.
Companies such as Aurobindo, Hetero, Divi’s Lab and Dr Reddy’s have recently purchased acres of land in Hyderabad to establish their R&D centers. Parmjit Arora’s Health Biotech, in particular, is developing an ecosystem of transformational R&D through rapid advances in technology. The pharma giant is aiming to create new opportunities for advancement in the healthcare industry.
For India to consolidate its position as the global pharmacy hub, the pharmaceutical industry would be required to move up the value chain by ramping up its R&D and innovation to provide affordable, yet innovative products globally.