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Patent applications to be approved in a record time to enable industry to discover innovative drugs: Goyal

Patent applications to be approved in a record time to enable industry to discover innovative drugs: Goyal

Hyderabad, Feb 18 (UNI) Union Minister for Commerce and Industry, Mr Piyush Goyal on Tuesday night said that patent applications will be approved in a record time to enable the pharma industry to discover innovative durgs.



Replying to a question raised by Telangana Minister for Industries K T Rama Rao (KTR) that how the Indian Pharma and biotech industry to grow at a time when India is aiming to become $ 5 Trillion economy by 2025 , during the CEOs Conclave participated by industry stalwarts and eminent panelists on the second-day of BioAsia , Mr Goyal said that the Indian pharma and biotech industry is expected to grow to $100 billion from the current size of about $40 billion, growing at 10% CAGR, despite the recent Corona virus outbreak.



The Conclave chaired by Mr Goyal, moderated by Mr KTR and participated by the industry stalwarts and eminent panelists including Dr Vas Narasimhan ( CEO, Novartis, Switzerland), Mr. Dilip Shanghvi ( MD, Sun Pharma), Mr. Satish Reddy ( Chairman, Dr Reddy’s Laboratories), Mr Ajay Piramal ( Chairman, Piramal Group) and Mr Jan Van Acker ( President, Emerging Markets, Human Health, MSD Pharma)



Mr Goyal also said that the Government of India was looking at supporting the industry to redefining the future of pharma and biotech in the country to make it more thrive by enabling them to get the patent approvals granted in a record period of time worldwide.



He also advocated that the price controls in India worked huge in favour of the people of the country and reiterated that price controls on drugs and medical devices would remain for the benefit of the society.



During the discussion, Mr KTR highlighted the issues of price controls, withdrawal of incentives and delay and lack of coordination between the state and the central government agencies.



Mr Goyal assured the industry and the minister that he would conduct a meeting during the second week of March 2020 to address all the issues pertaining to the industry by meeting the leaders of the industry.

During the Conclave, they discussed and deliberated on ‘Playing catch-up or preparing to lead?’ of the CEOs, by the CEOs’ in which they focused on being leader in generics, how can India leverage its strengths in generics, vaccines and tech industry to win the race further.



The panelists suggested as to where should India place its bet to compete against the likes of China, Israel and what should be India’s long-term sustainability strategy in the evolving geopolitical and regulatory environment .

Prior to the CEO Conclave, the prestigious Genome Valley Excellence Award 2020 has been bestowed to Dr Vas (Vasant) Narasimhan, CEO of Novartis for inspiring the world with the bold new vision to reimagine the pharmaceutical business including embracing digital technology and transforming healthcare.



His extensive work on a range of public health issues particularly in developing countries and exemplary work in development of over 20 novel medicines, including advances cell and gene therapies as well as vaccines.



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