On India’s 79th Independence Day, Kiran Mazumdar-Shaw, Executive Chairperson of Biocon and Biocon Biologics, welcomed Prime Minister Narendra Modi’s emphasis on self-reliance, innovation, and reform. Shaw noted that Modi’s vision extends beyond self-reliance to making India “globally competitive” through innovation that delivers affordability. She also highlighted the importance of GST reforms to reduce the cost of essentials, which would be a significant step towards making products more affordable.
Shaw agreed with Modi’s message to the pharmaceutical industry, emphasizing the need to invest in research and cutting-edge technologies. She stressed that the sector requires regulatory reforms to enable innovation, citing the lengthy and costly journey from “lab to market” as a key bottleneck. Shaw explained that the current regulatory framework makes investments in innovative molecules “high risk” and deters funding. She emphasized the importance of developing homegrown solutions rather than relying on products developed overseas.
Shaw cited China as an example of how regulatory ecosystems can drive domestic innovation. She urged regulators to play a crucial role in supporting research and innovation in India, enabling the country to take its innovations to the world. On the potential impact of Modi’s announcements on global ratings agencies, Shaw took a broader view, noting that the Independence Day speech is not a budget speech. However, she expressed hope that the “very strong intent for regulatory reforms” could pave the way for broader reform momentum.
Shaw’s comments highlight the need for urgent regulatory changes in the pharma sector to realize the vision of self-reliance and innovation. The industry requires bold regulatory reforms to shorten the journey from lab to market, enabling investments in innovative molecules and driving domestic innovation. With the right regulatory framework, India can develop homegrown solutions, reduce its reliance on overseas products, and become a globally competitive player in the pharmaceutical industry. Overall, Shaw’s remarks emphasize the importance of regulatory reforms in supporting India’s vision of self-reliance and innovation, and the need for urgent action to drive growth and development in the pharma sector.