Incoming Modi govt has 'excellent opportunity' for American industries: US

It said pharma companies see much potential for Modi's success as he understands the crucial role innovation for economic development

The incoming Modi-led government represents an 'excellent opportunity' for American industries to strengthen and rekindle their relationships with India, a leading US industry body has said.

"Research-based bio-pharmaceutical companies see much potential for Mr Modi's success, because he understands the crucial role innovation plays in economic development," Pharmaceutical Research and Manufacturers of America (PhRMA) President and Chief Executive Officer John J Castellani said in a blog.

"We are eager to begin working with the new government to strengthen the bio-pharmaceutical industry's relationship with India in order to increase access to medications for Indian citizens," he added.

On the reason for the eagerness by the PhRMA, Castellani said: "His party's platform specifically mentions the need for a strong intellectual property (IP) regime in order to 'maximise the incentive for generation', while also outlining a vision for a healthcare system that improves quality and access," Castellani said.

By prioritising IP rights, a constant cycle of innovation in India could be created that will help sustain India's economy for years to come, he added.

The Pharmaceutical Research and Manufacturers of America, represents America's leading bio-pharmaceutical researchers and biotechnology companies.