Hyderabad, July 22, 2014: BioAsia, the annual industry forum with the support of KPMG in India today unveiled the findings from a study titled Innovation in life sciences in India – Current state and future imperatives. The study delves into the competitive landscape of the life sciences industry and analyzes how innovation can be a crucial enabler of the growing life sciences segment in India.
(L to R) Mr. Utkarsh Palnitkar, Head of Advisory & Lifesciences Practice – KPMG India; Dr. KV Raghavan, Working President – FABA & Former Director – CSIR-IICT and Mr. Manni Kantipudi, CEO, GVK Biosciences
The report was released by Mr. Manni Kantipudi, CEO, GVK Biosciences in a function organized in the city. According to the report – “India is well poised to be an important player as the world tries to answer the innovation challenge given the existing life sciences research eco-system and has several advantages such as low cost proposition, large patient population, large number of institutes in India equipped to carry out specialized research”.
“Eleventh edition of BioAsia organized earlier this year unveiled the promise of innovations in life sciences. Consequently, this report was commissioned with the support of KPMG in India to analyze the key observations from the conference while evaluating the growth opportunities and the impediments. We have identified a set of recommendations and would be presenting it to the Government for enabling an innovation friendly ecosystem in the country,” said Mr. Shakthi M. Nagappan, CEO, BioAsia
Talking about the report, Mr. Utkarsh Palnitkar, Head Advisory, KPMG in India said, “While innovation in life sciences did happen in pockets, it is now slowly taking root in India. Some steps have been taken by government such as providing seed funding at early stage of the companies, creating infrastructure and ecosystem to nurture innovations, investment friendly policies but we need to have few things such as single platform to address policy issues, quality translational research from academia, time bound plan to resolve the clinical research situation, incentivizing Indians to relocate which may solve the deficit at leadership levels and channelizing private funding towards R&D.”
The paper is a healthy mix of secondary and primary input and highlights a balanced view of the innovation culture in India focused on Life Sciences. India’s capabilities or the lack thereof are explored and assessed to create a matrix that concisely captures where we stand as a country and what we need. The research is based on data gathered from the 20 structured primary interviews conducted with the industry leads across the life sciences spectrum and an extensive secondary research. The primary research focused on telephonic / face-to-face conversations. The exhaustive analysis undertaken by this study clearly indicates how India can become the hub for life sciences innovation.
Key Recommendations of the report include:
- Improving the quality of research that comes from academia involves re-orienting the direction of research so that it is relevant and setting concrete performance indicators to measure quality of the output
- Collaboration between the academia and industry can be fostered by clearing inherent trust issues and facilitating dialogue
- A single consultative platform may facilitate efficient policy making and avoid conflict in agenda
- It is important to have a time bound plan to resolve the clinical trial situation in the country
- Providing lab space may not be enough, parks may need to diversify their offerings to help ensure more occupancy and success
- Reverse brain drain has been a trend in China, and incentivizing Indians to relocate may solve the deficit at leadership levels
- The public sector’s interest in R&D has been well appreciated and continual momentum in the same direction is desired whereas Channelizing private funds toward R&D is imperative; showcasing research adequately, at the right platform may help
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