Explore new opportunities, Suresh Prabhu tells pharma industry

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Union Minister of Commerce and Industry Suresh Prabhu has asked the Indian pharma industry to look at future opportunities within the country and abroad. With life expectancy going up and life-style diseases increasing, opportunities for the industry are immense as people will have to spend on medicines and medicare.

Addressing the 15th Bio Asia Summit here on Saturday, he said new trends such as predictive medicine and cures based on genomic diagnostics could drive growth for the pharma industry.

Stating that the government is focusing on healthcare, he said the pharma industry grew in size, stature and reach significantly in the last few years.

“India has become the pharma capital of the world and is helping many countries with affordable drugs and vaccines. Our industry should be positioned to take advantage of new technology and changing demographics,” he said.

The three-day event was attended by over 1,700 representatives from healthcare, biotech, pharma, life-sciences, IT, academia and startups, representing over 50 countries.


Geographical Indicators

The Minister said the government is working on a campaign to help local handicrafts in districts. He said the government would grant Geographical Indicators (GI) for specific handicrafts that are popular in a particular district.

“These are akin to IPR (intellectual property rights). We will market them globally,” he said.