India making novel drugs could be a reality, believes Pharma industry captains, Health News, ET HealthWorld

India making novel drugs could be a reality, believes Pharma industry captains

Hyderabad: The possibility of India-made novel drugs in a decade could be a reality, informed the top pharma CEOs at the 20th edition of BioAsia 2023. The captains of the industry expressed their thoughts on whether this is going to be truly India’s decade, considering the growth prospects for the pharma sector and the milestones for the industry to be achieved by 2030.

Glenn Saldanha, Chairman and MD, Glenmark Pharmaceuticals, while answering a question on the possibility of an India-made novel drug being approved in the US by 2030, said, “I think in this decade, we could have our first novel product coming out of India. Many Indian companies are involved in this process, which is currently in phase II or III. I believe that India should see some innovation in the industry this decade, which can put us on the global map.”

Calling to increase the head room for pharma companies in R&D expenditure, Mahima Datla, Managing Director, Biological E Ltd, said, “We need to see how to increase the head room for pharma companies to increase the R&D expenditure beyond 5-6 per cent. The government could look into the reimbursement of expenses, too. The vaccine industry is fortunate as there is a robust procurement and distribution system. But in the broader industry context push and pull funding for academics and industry is vital.”

Hari S Bhartia, Founder and Co-Chairman, Jubilant Bhartia Group, stressed that we should put more focus on doing innovation for Indian patients. “For me, it is about finding a way in the regulatory mechanism and fast approvals. We are trying to build a regulatory capacity for clinical trials; I think that’s a huge opportunity to bring quality advanced drugs at good prices.”

Nandini Piramal, Chairperson, Piramal Pharma, talked about increasing the spending on healthcare. She said, “Overall spending on health should go up on both infrastructure.”

Reiterating that 2030 is a fantastic opportunity for India to become a leading service provider in the value chain, Satish Reddy, Chairman, Dr Reddy’s Laboratories, said, “It is quite possible for the Indian pharma industry to successfully bring out a novel drug by 2030. There is also a need to create an ecosystem that can bridge the existing gaps and give confidence to the pharma companies and other stakeholders.”

The CEOs participating in the deliberation said some of the exciting areas for the industry going forward were biosimilars, digitisation of healthcare and pharma research.

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