2 min readAhmedabadDec 20, 2019 12:59 AM IST
First published on: Dec 20, 2019 at 12:59 AM IST
Claiming that innovation will have to remain the “focal point” for the industry, Patel said China was huge competition of the Indian pharmaceutical industry.
Stating that every third pill consumed in the United States is “Made in India”, Pankaj Patel, chairman of Zydus Cadila Group, on Monday said India’s pharmaceutical sector needs to “learn from China” on many fronts.
Addressing a curtain-raiser event for the 5th “India Pharma and India Medical Device 2020 exhibition” that will be held in Gandhinagar from March 5-7, 2020, Patel said, “The overall cost of AIDS treatment went down by 60 per cent because of Indian manufacturers. Today most of the vaccines supplied for the global vaccination programmes are supplied by India. In the United States today, every third pill swallowed is Made in India and it is an achievement for the industry.”
Claiming that innovation will have to remain the “focal point” for the industry, Patel said China was huge competition of the Indian pharmaceutical industry. He said the next big drug is expected to come out of China. “We need to learn from them,” Patel said while suggesting that India needs to streamline the regulatory landscape just like what China did in the past.
Speaking at the event where Union Minister for Chemicals and Fertilisers, DV Sadananda Gowda, and MoS Shipping Mansukh Mandaviya were present, Patel said it was important to involve venture capitalists and angel funds to support innovation in pharmaceutical industry which is both “expensive and risky”.
PD Vaghela, secretary (Pharma), Department of Pharmaceuticals, said the central government has approved setting up of medical devices park and bulk drug pharmaceutical park in Gujarat.
Union Minister Gowda said India was the leading producer and exporter of generic drugs. The minister said that Indian pharmaceutical industry can grow to USD 100 billion by 2025, while the medical devices industry is expected to touch USD 50 billion.
Claiming that innovation will have to remain the “focal point” for the industry, Patel said China was huge competition of the Indian pharmaceutical industry.
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