Fueling Pharma Innovation
The Indian pharma sector garners much attention during the odious times of the detestable pandemic. with low investments in the sector, one can witness declining utility of the same.
The Indian pharma sector hence needs to discover and create a pipeline of new molecules that will effectively help the sector become a fully original innovation-driven industry.
The pharma industry can be developed on the facets of innovation that involve a considerable level of risk. The risk in the sector is due to the fact that innovation demands the cost of technology and the cost of long gestation period.
With the aforementioned costs comes the cost of new capabilities and even the cost of failure. Factoring in all the costs that might be incurred, the cost of setting up an innovative pharma sector is incredibly high.
Therefore, given the humongous cost, the risk-taking that needs to be inculcated in the process can only be achieved within an enabling ecosystem.
Given the immense costs mentioned above, it is to be noted that funding will definitely be one of the biggest and prime drivers of innovative R&D in the pharma sector. Given that investors have a huge potential to build an impressive ecosystem, another stakeholder that has an important role is the government, startup and tech entrepreneurs and regulators, academia, private funders, etc.
This is apparent due to the fact that most major and innovative discovery in the pharma sector has been made through government spending.
We are quite aware of the fact that some of the biggest and most influential historic pharma discoveries made around the world have successfully succeeded in a large part due to the continued government funding.
Thus, given the government’s increased and necessary involvement in the innovative development of the sector, some thought should be put into the restoration of policy incentives. These efforts can be attributed to the weighted education in R&D expenditure and patent box.
On top of enhanced education and inculcation of skill sets in the workers, the government can also emphatically incentivize the right kind of projects with real potential to succeed and which have the right amount of capacity that will definitely have a significant role to play in the future.
On the other hand, private equity funding and private spending through venture capitalists, etc. too can prove beneficial for the development of the aforementioned, innovative ecosystem. Given that healthcare and pharma assets have been presumed as enticing by the private lenders, one can positively expect great enthusiasm amongst the private investors.
It is to be noted here that investing in assets from the early discovery stage might be beneficial for the investors compared to late-stage acquisition as these can contribute immensely to the R&D successes.
Thus to quantify the gist of the argument stated above, it can be emphatically stated that with the right kind of government or private support, academia, or start-ups, the pharma sector in India can grow to newer heights in efficiently and effectively identifying the unmet patient needs in the sector.
This can be possible due to thorough research in concentrated sectors which can help in better conditionalities of the sector, given its vital role in the pandemic.
Having talked about the need of the sector, one cannot emphatically deny the contributions of the government and academia throughout the years to make the pharma sector a possibility. It is no news that funding is required for the innovative R&D constitutes which is a central pillar for the innovative industry that the R&D is.
To provide policy support, the landmark Indian Patents Act of the year 1970 was enacted to turn things around for the Indian pharma sector. It is to be noted that this effectively and efficiently has assisted in the genesis of the effective Active Pharmaceutical Ingredients (API) and generic formulations.
Thus one can argue that the policy support through the government has greatly facilitated innovation and efficiency in the pharma sector. In fact, the road to spectacular discovery in the sector has been opened through the regulatory landscape that effectively lays down unambiguous timelines and accountabilities that sagaciously support clinical trials in the country.
Talking about the industry-academia contribution towards the pharma sector, one can state that not much has been achieved. But the same is prevalent around the world such as in Israel, the United States, Japan, and others. These countries can staunchly corroborate the fact that corporate academia does play a phenomenal pivotal role leading to spectacular pharmaceutical innovation in the industry.
Mentioning the requisite role of the policymakers in the industry, the Creation of innovation hubs in the country, through motivating the right talent is always an overlooked, but important aspect that needs to be scrutinized.
There is an immediate need for try facilitation of a national hub for the aforementioned aspects of the government to coexist and facilitate synergy.
Taking all these factors into consideration, the recent draft of the R&D policy is under consideration. Such a formidable step is heartedly welcome and an inclusive move by the government of India.
It is also emphatically a much-needed realistic view and address of the present-day and future requirements of the country battered by the pandemic.
It is, in fact, yet another step towards the mutually responsive partnership that is bound to be formed between the government and the pharma industry. Thus, will the R&D policy be able to bring around the change? It is something we’ll have to wait and watch
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