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 61st International Pharmaceutical Students Federation World Congress (IPSFC) here, Mr. Rao stated that the Telangana State Government was also planning for a medical device park. “We have India’s first genome valley and a friendly industry policy here,” he mentioned.
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.
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Mr. Rao also conceded that intellectual property rights (IPC) violations had happened here in the industry. The event was also perhaps a tribute to the legacy of former President of India A.P.J. Abdul Kalam, who had inaugurated the Indian Pharmaceutical Association – Students’ Forum (IPA-SF) on August 16, 2008.
The IPA-SF members will also be a part of the event. A minute of silence was observed during the inauguration of the IPSFC for Abdul Kalam. Other dignitaries who were present at the event were Rao V. S. V. Vadlamudi, president, Indian Pharmaceutical Association, Neha Dembla, chairperson, reception committee, of 61st IPSFC 2015 etc.