Research crucial for Indian pharma industry to move from ‘volume’ to ‘value’: Mansukh Mandaviya

Mansukh Mandaviya

Emphasising on the importance of research and healthcare and pharmaceutical sector, Dr. Mansukh Mandaviya, Union Minister for Chemicals & Fertilizers and Health and Family Welfare, said that the government is focused on shifting Indian pharmaceuticals industry from 'volume' to 'value'.

“Healthcare is becoming more affordable to the middle class section and the government is trying to ensure that quality healthcare is accessible at an optimum cost,” said Mandaviya while addressing the Pharma Med HD conference by PHD Chamber of Commerce and Industry (PHDCCI).

In order to provide impetus to the research in pharmaceutical sector, Mandaviya further said that the union government has drafted a policy for research and development.

“It would further strengthen the pharma ecosystem in terms of research and value addition to medicines in India,” the minister said.

Mandaviya further talked about the need of linking industry and academia to enhance research in the country.

“In order to strengthen industry-academia linkages, research is crucial and enhancing research would mean better growth of pharma and medicine, which in turn would ensure better returns,” he said.

Commenting on the efforts taken by the government to bring in ease of doing business, Mandaviya said more than 25,000 compliances have been reduced because the government's main focus is to shift from volume to value.

“The consultation with stakeholder is one of our top priorities to move forward in this direction because we do not only see health as commerce but also as service to mankind," he said.

Pradeep Multani, President, PHDCCI, said “The healthcare industry in India is projected to reach $372 billion by 2022 comprising of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment.”

“Several factors are driving the growth of the Indian healthcare sector including an aging population, a growing middle class, the rising proportion of lifestyle diseases, an increased emphasis on public-private partnerships as well as accelerated adoption of digital technologies, including telemedicine, besides heightened interest from investors and increased FDI inflows over the last two decades,” he added.