Manipal: Manipal University, at its Special Convocation, conferred honorary doctorate on Chairman and Managing Director of Janssen Pharmaceutica N.V. Beerse of Belgium Ajit S. Shetty, here on Sunday.
Speaking after receiving the doctorate, Mr. Shetty said that in spite of major breakthroughs and advances in medicine and pharmacy, there were huge challenges in the field. These challenges would force the researchers to re-think on the model being followed and its relation with the industry, academia, Government, and healthcare providers. The first challenge was raising R&D costs as opposed to limited public health resources. The cost of introducing a drug to the market was over one billion dollars and it was pushing up the prices of medicines. But healthcare insurance budgets were under pressure, he said.