The Indian pharmaceutical industry must find its own “recipe” as research and innovation must bring social change by reducing the high cost of medication, said IT and Panchayat Raj Minister K. T. Rama Rao here on Friday.
Addressing more than 350 delegates from over 50 countries at the 61{+s}{+t}International Pharmaceutical Students Federation World Congress (IPSFC) here, Mr. Rao stated that the State government is planning for a medical device park. “We have India’s first genome valley and a friendly industry policy,” he said.
In an emerging country like India, the challenge for the pharmaceutical industry is to find low cost and high value solutions said Mr. Rao.
“We cannot spend like other first world countries, where MNCs spend a lot of money on research and development. Any innovation must have a tangible effect and which can be commercialised,” he added.
