Need innovation-driven value creation in biotech: Kiran Mazumdar-Shaw

Biocon Chairperson Kiran Mazumdar-Shaw on Thursday called for more investment in research and development to drive innovation and foster culture of intellectual property.

She highlighted how the country, already the world's largest exporter of generics and a major player in vaccine production, can achieve greater value by nurturing innovation.

Mazumdar-Shaw called for a shift in focus toward value creation through innovation. "India ranks 14th in terms of value in the global pharma landscape. We need to invest in R&D and foster a culture of intellectual property to capture greater value," she said.

Addressing a session during the Global Bio-India 2024 event, she positioned the country as a future global leader in biosciences and innovation.

Mazumdar-Shaw emphasized India's unique advantages in becoming a global bio-innovation hub, citing the nation's rich scientific talent, robust technological capabilities, and entrepreneurial drive.

"Biology is not only the most exciting and transformative field of our time, but it has also become the new frontier where we are pushing the boundaries of human knowledge and capability," Mazumdar-Shaw said.

She highlighted how biosciences, once confined to the laboratory, are now permeating nearly every aspect of human existence, from medicine and agriculture to environmental conservation and technology.

"We are witnessing a revolution in healthcare driven by genetics, RNA, and CRISPR technologies that offer unprecedented precision. In the near future, genetic diseases like cystic fibrosis and muscular dystrophy may be cured entirely," she said.

CRISPR is a gene editing technology that can be used to modify DNA in living organisms. She also highlighted the VIGYAN Dhara initiative, with its Rs 10,000 crore outlay aimed at promoting basic research and critical technologies.

On the agricultural front, Mazumdar-Shaw underscored the importance of biotechnology in ensuring global food security.

Mazumdar-Shaw also reflected on India's existing strengths in the global pharmaceutical sector, noting that the country is the world's third-largest manufacturer of medicines by volume and the largest exporter of generics.

"One in three pills consumed in the US and one in four in the UK are produced in India," she stated, underscoring the scale of India's pharmaceutical production.