He was 87.
Modi, who was the Chairman of Cadila Pharmaceuticals, championed the cause of pharma industry and became a rallying point against the new patent regime of 1970 Act during its consideration stages, a company statement said.
He also represented the National Working Group on Patent Laws, India (NWGPL) and Indian Drug Manufacturers' Association (IDMA), and was instrumental in giving shape to the 1986 Drug Policy of Government of India, the statement added.
Born in a small village of Hansot in Bharuch district, South Gujarat, on February 18, 1926, Modi forayed into pharma sector in 1951 by setting up Cadila Laboratories.
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