Updated on 5 March 2014
"And, by sharing clinical data and medical records, and applying tools on the big data, we can understand diseases well and develop much better medicines," he commented.
India is said to be the largest producer of vaccines in the world. "This is possible because of the strong drive in the innovation and positive support from policy-makers. Drugs from India is helping countries lower their budgets. We have been keeping prices lower to make them accessible to all sections of the society. We have helped South America and Africa to tackle AIDS, and provide vaccines to the world across various geographies. Innovation has made this possible for making alternate versions of products discovered elsewhere at better costs," emphasized Mr Prasad.
He continued stating that, "We do not patent cutting-edge innovative products yet in the life sciences and IT industry. We have helped other countries innovate. It is time for us to bring these skills together and move to the highest kind of innovation in the value chain."
According to Mr Prasad, innovation amounts to 70 percent of the value chain today. "To address this, we need to fix higher education in research institutions and universities and increase access to risk-capital and be tolerant of failures and support government policies."
Commenting on India's existing turmoil in the area of clinical trials, he stated, "Clinical trials in India is not easy. It is extremely complex and hard to get clearances. Investors are looking for short-term and immediate profits. This has to be addressed if you need to pursue innovation to make innovative products."