India’s pharmaceutical industry has been growing significantly in the past two decades, and the country is poised to become the “Pharmacy of the World”. India is the third-largest producer of medicines by volume and the largest provider of generic drugs globally. The country manufactures 60% of the world’s vaccines and 20% of generic medicines. The Indian pharma industry is expected to expand to $65 billion by 2024 and $130 billion by 2030. In this context, a strong Intellectual Property Rights (IPR) ecosystem will be critical as pharma companies step up efforts to alter the healthcare landscape in India.
Importance of IPR Framework
A robust IPR framework will provide a conducive environment for innovation and research & development. The pharmaceutical industry is fiercely competitive and knowledge-driven, with companies spending $5 billion for pre-approved molecules and the average time spent from research to marketing of drugs averaging between 12-15 years. IP rights are critical to encouraging investments in R&D for the discovery of new drugs, products, and therapies.
Atmanirbharta and IPR
The pharma sector is a critical pillar of India’s Atmanirbhar Bharat Abhiyaan, the flagship program aiming to promote self-reliance, boost manufacturing, and register growth. While some global pharma firms have formed joint ventures with Indian companies, other entities are actively collaborating and strengthening partnerships to foster innovations in various therapy areas in the pharma sector. A robust IPR framework and regulatory ecosystem will provide a conducive environment for innovation and R&D for such collaborations and future partnerships to co-exist and co-create.
India’s pharma industry is expected to play a critical role in the country’s economic growth and global healthcare landscape. A strong IPR framework will be critical to the success of the industry as it innovates and develops new drugs, products, and therapies. India must revamp its regulatory framework, especially in patent and price control, to encourage innovation and ensure access to life-saving treatments.
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