Union Health Minister Mansukh Mandaviya on Tuesday asked domestic pharmaceutical industry to focus on the research and development of innovative products to move up the value chain and achieve global leadership.
Mandaviya, who also holds the Chemical and Fertilisers portfolio, asked medical technology companies to produce critical equipment in India for the global markets.
While formally unveiling the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector here, Mandaviya said the domestic pharmaceutical companies invest less on research and development when compared to multinational companies.
“International MNCs spend 20-25 per cent of their profits in research and innovation while for Indian companies the average is around 10 per cent...Till the time we do not come out with research-led innovative products, we cannot lead the segment globally,” he noted.
He said the government wants to make the pharma industry self-reliant by 2047.
“Today is a historic day, an inflection point in the journey of “Atmanirbharta” in the pharma & medical devices sector. We need to transform Indian Pharma & MedTech sectors from a cost-based to a value-based & innovation-based industry,” the minister said.
Mandaviya asked the pharma industry to focus on developing quality products and not just focus on the quantity.
“India can only achieve self-reliance in pharmaceuticals and medical devices by strengthening its research and development infrastructure that would drive the expansion of access to life-saving medicines and drugs and help India become a global pharmaceuticals and medical exports hub,” he added.
He said the government has been working closely with the industry and academia to bring about the changes.
The Department of Pharmaceuticals (DoP) notified the National Policy on Research & Development and Innovation in the Pharma-Med Tech Sector in India in August this year.
The policy aims to encourage R&D in pharmaceuticals, including traditional medicines, phytopharmaceuticals and medical devices.