Piyush Goyal calls for more investment in clinical trials

Commerce and Industry Minister Piyush Goyal on Sunday called for making the pharmaceutical sector more attractive for investments in clinical trials and research and development, while urging domestic regulators to look at global practices and adopt best practices. He also suggested that the industry develop resilient supply chains and not depend on one or two geographies for necessary imports.

“I don’t mind if there is an import content, which is necessary (for product development). But you have to see if it is available in many geographies or many companies, all over the world, so that no one or two countries or companies can hold a gun and hold you to ransom,” he said here while addressing an event of the pharma sector. He said that depending on one country or company will hurt businesses.

On investments, Goyal said there was a need to keep an open mind and move away from a protective approach, as such practices were no longer relevant.

“We can’t work with a very protective mind; those days are gone ... We have to be more inviting for investments coming to India for clinical trials, patenting their products here, for doing R&D here, for introducing new products; it needs a total reorientation of thoughts,” he said. The minister asked the domestic regulators to study regulations of developed countries, take a cue from what is happening in the world.

“And look at your own regulations for more regulatory convergence with the developed world because unless our mindset and thoughts are aligned with the developed world, India cannot aim to become a developed country for 2047,” he said.