CII 6th Pharma and Life Sciences Summit 2024

Next Industrial Revolution in India to be Driven by Biotechnology

Dr. Jitendra Singh, Minister of State (I/C) for the Ministry of Science and Technology, addressed the CII 6th Pharma and Life Sciences Summit. During his address, he emphasized India’s growing presence as a global hub for affordable, high-quality healthcare and medical tourism, which has become a significant revenue generator. He reiterated the Government’s commitment to supporting the biotechnology sector and highlighted its potential to drive India’s next industrial revolution.

Dr. Singh pointed to the launch of venture funds and policies that have significantly contributed to the growth of biotech startups. He noted that the number of such startups has surged from just 50 in 2014 to over 5,000 today, reflecting India’s focus on building a strong bioeconomy. He stressed the need for robust collaboration between the public and private sectors to ensure sustainable progress in biotechnology.

Growth of Bioeconomy and Research Ecosystem

India’s bioeconomy has grown tenfold since 2014, Dr. Singh emphasized, signaling the country’s increasing role as a global leader in biotechnology. To maintain this momentum, he called for the creation of a dynamic research ecosystem centered on biotechnology, making it a focal point for the next industrial revolution. He also highlighted the importance of an inclusive innovation ecosystem that balances intellectual property rights, data protection, and clinical trials.

Pharmaceuticals and Biotechnology: India’s Global Leadership

Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, acknowledged the pharmaceutical and biotechnology sectors’ remarkable growth. Last month, they became the 4th largest export manufacturing industry in India. The country is working towards becoming the “pharmacy of the world” and a futuristic global leader in both biotechnology and life sciences.

According to Dr. Chawla, the two sectors generate twice as much value for output compared to other manufacturing sectors. He pointed out that market analysts and investors project significantly higher returns from these sectors than the industry average on the NSE and BSE. He emphasized the importance of continued focus on R&D and regulatory systems, especially in the biologics and biosimilar segments, and called for further reforms in policy, academics, and industrial frameworks.

 Biotechnology’s Role in India’s Economic Progress

Dr. Rajesh S. Gokhale, Secretary of the Department of Biotechnology, Ministry of Science and Technology, Government of India, highlighted the futuristic role biotechnology will play in India’s progress. He discussed the BioE3 Policy, which stresses biotechnology’s impact on economic growth, environmental protection, and employment generation. Dr. Gokhale outlined India’s path towards achieving “Viksit Bharat 2047,” which involves breaking out of the middle-income trap—a challenge faced by many developing nations.

He called for a paradigm shift in technological innovation, stressing the need to increase industry investment, build R&D capacity, and focus on biotechnology advancements to drive India forward. A unique Indian model of biotech development that leverages its demographic and geographic advantages is critical to India’s growth, Dr. Gokhale concluded.

Regulatory Reforms to Speed Up Drug Approvals

Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India (CDSCO), discussed India’s progress towards becoming the “pharmacy of the world” and commended the regulatory improvements made under CDSCO. He explained how CDSCO is revising old regulations to accelerate drug approvals, particularly for biologics and innovative therapies, while eliminating redundant processes.

An online system introduced by CDSCO has drastically reduced approval times—from 20-60 days to under 3 days—easing the import process and fostering faster market entry for new drugs. Dr. Raghuvanshi emphasized that accepting clinical data from select countries has reduced the need for repeated trials, helping India grow as a global hub for pharmaceutical innovation.

Pandemic Preparedness and Global Collaboration

Dr. Vinod K. Paul, Member of NITI Aayog, highlighted India’s significant milestones in pandemic preparedness, which were achieved through collaboration across government, industry, and research ecosystems. He outlined four key focus areas: government policy, data management, innovation and manufacturing, and global partnerships.

Dr. Paul urged stakeholders to adopt a “100-day mission” model to ensure quicker response times for future outbreaks, advocating for pre-approved vaccine pipelines and international collaboration. He also emphasized the importance of continuous innovation and industrial capabilities, including the manufacturing of vaccines across multiple platforms, to ensure India remains self-reliant in future health crises.

 Expanding the Pharma and Biotech Sectors

Dr. Rajesh Jain, Chairman of the CII National Committee on Biotechnology, called for the pharmaceutical and biotechnology sectors to triple in size by 2047, with an aim to reach USD 300 billion. He praised the reforms undertaken by the Government over the past decade, which have helped the industry thrive. However, he stressed the need for further regulatory simplification, inter-ministerial coordination, and digital health initiatives to foster industry growth.

Dr. Jain recommended that the Government publish a list of priority vaccines to align innovation efforts with public health needs and support the expansion of the Universal Immunization Program. He also advocated for integrating AI, machine learning, and big data analytics into biotechnology research.

Conclusion

The CII 6th Pharma and Life Sciences Summit 2024 showcased India’s ambitions to become a global leader in biotechnology and pharmaceuticals. With continued support from the Government, a focus on R&D, and regulatory reforms, India is well-positioned to drive the next industrial revolution through biotechnology, ensuring its leadership in healthcare and innovation on the world stage.