New Delhi [India], October 9 : Union Minister of State for Science and Technology Jitendra Singh emphasized on India's growing presence as a global hub for affordable, high-quality healthcare and medical tourism, which has become a significant revenue generator.
Singh was addressing the CII 6th Pharma and Life Sciences Summit 2024 in New Delhi on Wednesday as he expressed government's commitment to supporting the biotechnology sector, referencing the launch of venture funds and policies that have spurred significant growth in biotech startups.
"The number of biotech start-ups has risen from just 50 in 2014 to over 5,000 now, reflecting India's increasing focus on bio economy and urged for stronger collaboration between the public and private sectors," Singh said.
Singh also highlighted the need to create a robust research ecosystem, with biotechnology being a focal point for the next industrial revolution.
Singh further emphasized on the growth of India's bioeconomy, which has seen a ten-fold increase since 2014, and reiterated the need for an inclusive innovation ecosystem that balances intellectual property, data protection, and clinical trials.
His remarks reflected optimism for India's role as a global leader in healthcare and biotechnology, while also addressing the challenges and opportunities ahead.
Dr Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, underscored the significant milestones of, the pharmaceuticals and biotechnology sector "Last month, the pharmaceuticals and biotechnology became the 4th largest export manufacturing Industry for India. India is aiming to be a reliable pharmacy of the world and a futuristic global leader in both biotechnology and life sciences".
Dr Rajesh S Gokhale, Secretary, Department of Biotechnology, Ministry of Science and Technology, Government of India in his address emphasized on the futuristic role that biotechnology can play in the progress of India, highlighting global recognition and collaboration.
He underscored the BioE3 Policy - the importance of biotechnology in driving economic growth, protecting the environment, and generating employment. He noted that India's path towards 'Viksit Bharat 20247' requires breaking out of the 'middle-income trap', a challenge faced by several countries.
Dr Rajeev Singh Raghuvanshi, Drugs Controller General India, Central Drugs Standard Control Organization (CDSCO) highlighted India's strides toward becoming the 'pharmacy of the world', commending regulatory improvements under CDSCO.
He emphasized India's commitment to global public health through collaborative efforts, including new approaches to streamline drug approvals, reduce delays, and increase efficiency.
Dr Vinod K Paul, Member, NITI Aayog highlighted the significant milestones achieved in pandemic preparedness, emphasizing the importance of collaboration across government, industry, and research ecosystems. He outlined four key focus areas: government policy, data management, innovation & manufacturing, and global partnerships. He stressed the need for proactive R&D, particularly in developing countermeasures for future pandemics, and the necessity of preparedness through rapid vaccine development.
Dr Rajesh Jain, Chairman, CII National Committee on Biotechnology and Chairman & Managing Director, Panacea Biotec Ltd) in his address highlighted the need for the pharmaceutical and biotechnology sectors to triple in size, aiming to reach USD 300 billion by 2047.
The CII Life Sciences Summit is an annual flagship thought leadership platform. It is a synergistic combination of the pharmaceutical and biotechnology sectors and a platform dedicated to discuss the impact of the regulatory reforms, recent technological trends, fostering cutting-edge innovations, the future of biologics and biosimilar, developing skilled talent, ensuring equitable healthcare, and other prevalent advocacy matters.