KADAPA: India will soon become a focal point for research in biotechnology and there is vast scope for development in bio-pharma sector in the wake of globalisation, Prof. A.S. Prasad Reddy, professor in management in University of Lund in Sweden said on Tuesday.
Delivering a Foundation Day lecture on “Economics of innovation management in biotechnology” at Sir C.V. Raman Science Centre in Yogi Vemana University, Prof. Prasad Reddy said major nations like Brazil, Russia, India and China were simultaneously progressing rapidly unlike in the past. India's Gross Domestic Product could reach 50 per cent of the GDP of 16 rich nations by the year 2050, he hoped.
In this backdrop, companies belonging to advanced nations were starting ventures in India in order to cater to the needs of people according to their income-levels, Prof. Prasad Reddy asserted.
He stressed the need for producing newer products particularly in the pharmaceutical sector and undertake need-based research.
Multi-national companies and Indian pharmaceutical companies were entering into tie-ups on research and development and marketing deals to tap the market, he added.
The monopoly in pharmaceutical field would be eroded with the Indian and MNC companies signing memoranda of understanding (MoU) on mutually beneficial research and evolving new medicines, he stated. Inter-departmental research was in progress in the fields of communication technology, biotechnology and newer management practices, he added.
Prof. Prasad Reddy foresaw the scope for newer products and industries due to development of research and development in India.
Quoting a Business Line survey, he said India bagged credit for innovation on account of the “Nano” car developed in the country. Pharmaceutical research could lead to new medicines being available at cheaper prices, he said.
Yogi Vemana University Vice-Chancellor A. Ramachandra Reddy, who presided over the meeting, said more such lectures would be organised by the university in due course.
YVU principal S.Vali Pasha, faculty members of Economics, Biotechnology and Management and students participated.