Updated on 25 June 2013
A new report lays out the myths and facts about the biopharma innovation in India. The findings should help senior management of biopharma companies fine tune their R&D strategy.
New Delhi: The McKinsey report, commissioned by the US-India Chamber of Commerce, was released at the recently held US-India BioPharma and Healthcare Summit 2013 in Boston, US. The report points out the key areas where the Indian healthcare sector lags behind and also highlights the tremendous growth recorded by the industry.
The report highlights the serious concerns among US businesses and lawmakers over intellectual property protection in India. The report titled 'Crossing the Next Horizon: Will India play a Meaningful Role in Global Biopharma Innovation?', also pointed out the obstacles that are slowing the growth.
Clinical trials, infrastructure and policy are the biggest obstacles in driving R&D innovation in India's healthcare sector, the report identified. "While both global and Indian industry leaders opine that India's intellectual property (IP) situation needs to be addressed and clarified, they have highlighted that in fact clinical trials, infrastructure and policy are the biggest obstacles for India to meet its potential of driving R&D innovation at scale," the report said.
Mr Karun Rishi, president, US-India Chamber of Commerce, said at the event that, "This report clearly lays out the myths and facts about the biopharma innovation in India. The findings should help senior management of biopharma companies fine tune their R&D strategy and help leverage India's pockets of R&D strengths."
Many global R&D heads and CEOs emphasize the need for Indian companies to shift from ‘deals' that offer only cost arbitrage to alliances that focus on innovation, quality and service, experts pointed out in the report. The report notes that emerging markets, such as India, can play a significant role in collaborations, providing not only more cost effective innovation, but access to new talent, technologies and assets to fill currently dry pipelines.