HYDERABAD: On the last day of the three-day BioAsia-2018 conference held in Hyderabad, IT and Industries Minister KT Rama Rao, while speaking at a session with Union Minister for industries Suresh Prabhu, raised the issue of the downward spiral of pharmaceutical industry’s growth rate in India as he pointed out that for the first time the growth rate of pharmaceutical sector, at around 5.5 per cent, has been recorded below India’s GDP of around 7 per cent, for two consecutive years now.
KTR had earlier pointed out that Hyderabad contributes to 35 per cent of all pharmaceutical production from the country. He also asked the Union Minister about the Centre’s policy on the issue of price predictability and fixation and funding for Research and Development in pharmaceutical sector to compete with international companies.
Replying to KTR, Prabhu said that an institutionalised consultative mechanism is being developed by the Centre to involve players from the industry in framing of policies related to pharma sector. He also said that higher weightage will be provided for local manufacturers and collaborative approach would be followed for research and development. He also said that government will provide incentives for investment on development of new molecules.
Prabhu also said that the Centre has decided to promote Indian pharmaceutical industry globally and that it is the thrust area whenever he has meetings with international business delegations.
Speaking on pricing, Prabhu said that the Centre has to balance the healthcare needs of country with its needs. He said that it is a fact that many people in the country cannot afford medicines, although medication forms just about 10 per cent of the treatment costs in the country, in most of the normal ailments.
Prabhu also said the government will be coming out with Ease of Doing Business rankings for all districts in India based on various parameters and added that this is being done with the idea of districts being focal point of development.
He added that the Centre will be soon launching a campaign involving state governments to get products from diverse fields recognised, that are endemic to those districts, for getting Geographical Indication tag for them.