In line with the global industry’s commitment to innovation in India, PricewaterhouseCoopers (PwC) had been commissioned to assess the innovation landscape of the Indian pharmaceutical industry and to suggest policy recommendations to help India move up the innovation value chain.
PwC released the findings from a study that captures the critical enablers for transforming India into an innovation hub on the occasion of Organisation of Pharmaceutical Producers of India (OPPI) hosted meet to honour a visiting global pharmaceutical delegation of Kenneth C. Frazier – chairman and CEO, Merck & Co, Inc., USA; and Hideshi Honda, president-Asia Region, Eisai Co Ltd. This event was in continuation of OPPI’s golden jubilee celebration and aligned with the theme ‘50 Years: Healthy India, Innovative India.’
PwC presented their initial findings, which highlighted the need for India to strengthen four pillars of innovation: Infrastructure; financing; human resource, legal and IPR and regulatory, in order to create an environment conducive to innovation and able to attract global investment.
The visiting leaders shared their thoughts on the industry’s potential, especially relating to pharmaceutical innovation in India. The global delegation met with top Indian government officials, academic experts, and business leaders. They encouraged support for innovation in India, including the development of new solutions to treat patients suffering from rare diseases and new medicines to save and improve lives.
OPPI was established 50 years ago and represents the research-based pharmaceutical companies in India. OPPI believes the need for innovation must be balanced with the necessity for more accessible medicines, within a robust IP environment.