Indian pharma sector should learn from China: Pankaj Patel

Claiming that innovation will have to remain the “focal point” for the industry, Patel said China was huge competition of the Indian pharmaceutical industry. He said the next big drug is expected to come out of China. “We need to learn from them,” Patel said while suggesting that India needs to streamline the regulatory landscape just like what China did in the past.

Speaking at the event where Union Minister for Chemicals and Fertilisers, DV Sadananda Gowda, and MoS Shipping Mansukh Mandaviya were present, Patel said it was important to involve venture capitalists and angel funds to support innovation in pharmaceutical industry which is both “expensive and risky”.

PD Vaghela, secretary (Pharma), Department of Pharmaceuticals, said the central government has approved setting up of medical devices park and bulk drug pharmaceutical park in Gujarat.

Union Minister Gowda said India was the leading producer and exporter of generic drugs. The minister said that Indian pharmaceutical industry can grow to USD 100 billion by 2025, while the medical devices industry is expected to touch USD 50 billion.