Pharma companies must invest in R&D to keep growing: Prabhu
New Delhi, July 13 : Noting that India is now recognized globally as a key player in the generic medicine industry, Commerce Minister Suresh Prabhu on Friday asked pharmaceutical companies to invest in research and development (R&D) for further growth of the sector.
Speaking at an event here, organised by the Organization of Pharmaceutical Producers of India, Prabhu said the government is taking steps to make pharma companies more innovative.
"All companies in pharma industry must ensure that they invest good part of their topline in R&D. Because if you do not have pipeline of new drug delivery or new molecules, you will always have problem down the line," he said.
"By 2020, India is likely to be among the top three pharmaceutical markets by incremental growth and the sixth largest market globally in absolute size.
"Increase in the size of middle class households coupled with the improvement in medical infrastructure in the country will influence the growth of the pharmaceuticals sector," he added.
The Minister asked the companies to make a proper balance between making profits and protecting consumer interests.
"We must have a trade-off. We cannot take only one of that issue for granted," he said.
"We will make sure that the industry grows and at the same time the consumer interest is also adequately protected."
Prabhu also said that Indian pharma firms were facing problems of market access in China, which had been resolved following his talks with the Chinese Commerce Minister.
According to a Commerce Ministry release, the Indian pharmaceuticals market witnessed a compound annual growth rate of 5.64 per cent during 2011-16, with the market increasing from $20.95 billion in 2011, to $27.57 billion in 2016.
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We are together at home: Sharad Pawar on Ajit Pawar
Mumbai (PTI): Former Union minister Sharad Pawar on Monday said that he and nephew Ajit Pawar are together as a family, but made it clear that the latter was heading a different political party.
“Gharat tari ekatrach ahet (we are together at home least),” the veteran politician said at a press conference at Chiplun in coastal Konkan region.
He was responding to a query about the demand from “various quarters in the state” that the uncle-nephew duo should come together once again.
In July last year, Ajit Pawar broke away from his uncle to join the Eknath Shinde-led government in the state as deputy chief minister. Of late, there has been speculation over his continuation in the ruling alliance.
Asked about Ajit Pawar’s recent remarks the decision to make his wife Sunetra Pawar contest the Lok Sabha polls against Supriya Sule in Baramati was a mistake, the veteran politician said, “He is in a different party. Why should we comment on decisions taken by another party?”
Asked if the opposition Maha Vikas Aghadi (MVA) alliance of NCP (SP), Congress and Shiv Sena (UBT) had decided its chef ministerial face, Pawar said, “I don’t think that it is an urgent issue at the moment”.
When elections were held after the Emergency, Morarji Desai’s name as PM candidate was not disclosed before polling, he added.
“Our (MVA) attempt is to give a progressive alternative in Maharashtra with help of other parties like Samajwadi Party and Peasants and Workers Party,” he said.
“Our observation is that the people of Maharashtra have made up their mind to give us (MVA) a chance in the ensuing elections,” he said.
Asked about Andhra CM Chandrababu Naidu’s claim that sub-standard ghee with 'animal fat' was used to make prasad laddoos at Tirupati temple during Jaganmohan Reddy's tenure as CM, Pawar said, “If anything was mixed, it is very wrong and action should be taken against those involved”.
