Innovation will Propel Indian Pharmaceutical Industry on Path to become Global Leader – Echoed at Global Innovation Summit-2021 organised by IPA

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The two-day Global Innovation Summit -2021 organised by India’s largest industry body, the Indian Pharmaceutical Alliance ( successfully concluded late last night with industry leaders from across domestic and global pharma industries, policy makers, investors and researchers unanimously agreeing that innovation will act as the backbone for propelling the Indian pharmaceutical industry into becoming the global leader and further committed to enhancing its innovation ecosystem. The theme of the Global Innovation Summit 2021 was titled “Discover in India: Accelerating the innovation journey of the Indian life sciences industry.

At the concluding day of the summit today, Amitabh Kant, CEO, NITI Aayog (formerly Planning Commission), called upon the pharma industry leaders to collaborate towards building a much more robust and thriving innovation ecosystem in a special address on ‘Building Innovation Ecosystem in India’. He said, “There is now an evident need to focus our efforts on R&D and innovation in emerging technologies in the pharmaceutical sector. This is the right time to shift from ‘Make in India to ‘Discover & Innovate in India’. The government is focused on enhancing the culture of research in India, strengthening industry academic collaboration, providing world class facilities to researchers and scientists and simplifying regulatory processes to boost R&D and innovation in the sector. To position Indian pharma on the top in the global landscape, it is crucial to move towards research, innovation and emerging technologies.

Adding to this Prof. Arvind Sahay, MN Vora Chair in Marketing and Entrepreneurship, IIM Ahmedabad in his special address on ‘Innovation Index and Framework for Innovation Ecosystem’ said, “As India is setting off on the journey to enhance R&D capability and output, it is essential to track performance on an ongoing basis. Different stakeholders need to come together and in order to satisfy sustainable development goals, we have set for ourselves an ‘innovation index’ which will become a part of monitoring mechanisms in line with the R&D policy.

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