Sixth Annual Pharmaceutical and Life Sciences Conference in 2024 (organized by CII)
India's pharmaceutical and biotechnology sectors are poised for significant growth, as highlighted at the CII 6th Pharma and Life Sciences Summit 2024. The event showcased India's ambition to become a global leader in these fields.
Dr. Rajesh S. Gokhale, former Secretary of the Department of Biotechnology (DBT), Government of India, emphasised the futuristic role biotechnology will play in India's progress. He advocated for integrating biotechnology with artificial intelligence to drive transformative innovation in healthcare and sustainability.
Dr. Vinod K. Paul, Member of NITI Aayog, highlighted India's milestones in pandemic preparedness through collaboration. He advocated for a '100-day mission' model to ensure quicker response times for future outbreaks.
The number of biotech startups in India has surged from just 50 in 2014 to over 5,000 today, a testament to the sector's growing potential. Dr. Rajesh Jain, Chairman of the CII National Committee on Biotechnology, called for the pharmaceutical and biotechnology sectors to triple in size by 2047.
India's bioeconomy has grown tenfold since 2014, according to Dr. Jitendra Singh, Minister of State (I/C) for the Ministry of Science and Technology. He called for the creation of a dynamic research ecosystem centered on biotechnology.
The pharmaceutical and biotechnology sectors generate twice as much value for output compared to other manufacturing sectors in India, as acknowledged by Dr. Arunish Chawla. India's bioeconomy's impact on economic growth, environmental protection, and employment generation is underscored by the BioE3 Policy.
CDSCO, the drug regulatory body, has introduced an online system that has reduced drug approval times from 20-60 days to under 3 days. CDSCO is also revising old regulations to speed up drug approvals, particularly for biologics and innovative therapies. Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India (CDSCO), discussed progress towards making India the 'pharmacy of the world.' He commended accepting clinical data from select countries, which has reduced the need for repeated trials in India.
Dr. Jitendra Singh also acknowledged that India's pharmaceutical and biotechnology sectors are the 4th largest export manufacturing industry in the country. He emphasised the need for a unique Indian model of biotech development that leverages its demographic and geographic advantages to drive India forward.
Dr. Jain recommended the Government publish a list of priority vaccines to align innovation efforts with public health needs. He also advocated for integrating AI, machine learning, and big data analytics into biotechnology research.
In conclusion, the CII 6th Pharma and Life Sciences Summit 2024 underscored India's commitment to leveraging biotechnology for sustainable growth and global leadership in healthcare and pharmaceuticals. The emphasis on integrating technology, collaboration, and innovation bodes well for India's future in these fields.
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