Pune-based vaccine manufacturer Serum Institute of India on Friday said legal woes are hurting Indian economy.
In an interview to CNBC-TV18, Adar Poonawalla, chief executive officer, said, "Doing anything today, we are stuck and slowed down in the economy as the courts are just not giving their decisions. They just give dates and defer cases. We don’t have enough judges and courts. You address that, you will see a major additional boom given to the economy. A lot of things are getting stuck up like land acquisitions."
According to Poonawalla, Narendra Modi government must improve ease of doing business to ease the slowdown, "Consumption has been overheated. If we wait for three years, maybe the economy will bounce back."
Talking about boosting India's vaccine sales, he said, "Just five years ago our exports were 90 percent and 10 percent in India. Already, it has changed to 30-35 percent in India. The reason behind the domestic growth is huge demand from the Modi government as the health ministry is pushing big on sales. The ratio in the next five years, if you were to ask me, will probably be 50-50."
Speaking about his products for the future, Poonawalla said, “We are already making around 10-11 vaccines today. We are adding over the next five years, I would say another 6-7. Also, we have got plans for making monoclonal antibodies for HIV. We have got Herceptin, which is a generic one for cancer, dengue and 2-3 other monoclonal."