India is the largest provider of generic drugs globally. It also caters to 50 percent of the world's vaccine demand. India's pharma exports touched a little over $20 billion in FY20 with headroom for further growth.
As this decade unfolds, the opportunity for India's pharma sector could lie in establishing itself as a powerhouse for innovation and a maker of speciality products and complex generics.
So, what will it take for India to pivot from the pharmacy of the world to the global life sciences innovation hub? What kind of regulatory support is needed and what kind of R&D spends will industry have to make to capture the opportunity?
To discuss this Shereen Bhan spoke to KT Rama Rao, Minister for Industries & Commerce at Government of Telangana; Amitabh Kant, CEO of NITI Aayog; Kiran Majumdar Shaw, CMD of Biocon; Swati Piramal, Vice-Chairperson of Piramal Group; Nilesh Gupta, Managing Director of Lupin and Sriram Shrinivasan, India Life Sciences Leader at EY.Watch video for more.