Driving Innovation in the Biotech Sector: Insights from Kiran Mazumdar-Shaw
Innovation-Driven Value Creation in Biotech
During the Global Bio-India 2024 event, Biocon Chairperson Kiran Mazumdar-Shaw addressed the critical need for more investment in research and development to foster innovation within India’s biotech sector. She asserted that innovation is essential for driving value creation in biotechnology, which is pivotal for India to capture greater market share in the global pharmaceutical landscape.
India's Role in Global Biotech
Mazumdar-Shaw pointed out that India, already the world's largest exporter of generics and a key player in vaccine production, ranks 14th in value within the global pharma market. She stressed the importance of enhancing research and development efforts to nurture a strong culture of intellectual property.
- CRISPR and Genetic Advancements: The advent of CRISPR technologies presents unprecedented opportunities in healthcare, enabling potential cures for genetic conditions like cystic fibrosis.
- VIGYAN Dhara Initiative: This Rs 10,000 crore initiative is aimed at boosting basic research and critical technologies in biotechnology.
- Biotechnology for Food Security: She highlighted the substantial role biotech plays in ensuring global food security.
India's Biopharmaceutical Manufacturing
Reflecting on India's strengths, Kiran stated, “One in three pills consumed in the U.S. and one in four in the U.K. are produced in India.” This statistic underscores India's significant contribution to global medicine production.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.