Pharma industry's success relies on innovation, else it will extinct: Goyal

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Commerce and Industry Minister Piyush Goyal on Saturday emphasised on the crucial role of innovation in driving the growth of the Indian pharmaceutical industry and warned that without innovation, the industry will be "finished".

He also expressed concern that the industry often relies on government incentives to conduct research and development in the sector.

"Sadly, our country's mindset has become so weak that for everything we are looking up to the government... we think that only after getting a tax incentive then only we will do research. This is the industry where innovation determines success, whoever will not innovate will be finished," he said, while addressing members of the drug making firms in Mumbai.

He also cautioned that if the industry will not innovate, its future is worrisome.

The industry will have to keep pace with the changing lifestyle patterns besides demands and needs of the society and patents, Goyal said.

He called upon the industry to come forward with projects, join hands with the government and academia and start to focus on research.

The government has announced the Anusandhan National Research Foundation (ANRF) that aims to receive funds amounting to Rs 50,000 crore during 2023-28 in the form of ANRF Fund, Innovation Fund, Science and Engineering Research Fund, Special Purpose Funds.

He said developed countries like Switzerland, the US, and Japan have huge per capita incomes due to innovation by companies in those nations.

"Your survival depends on these two factors -- quality and innovation," he said, adding that the Indian manufacturers should also become whistleblowers and complain about firms that are indulging into bad practices or making spurious drugs.

He also said the domestic firms should come forward and suggest where they want decriminalisation of norms to promote ease of doing business.

"I expect from this industry that the big companies adopt small firms and help them to grow by following good manufacturing practices," the minister said, urging them not to protect those who are making spurious drugs.

He appealed for not depending on the government and "innovate in India, patent in India and exports from India".

Goyal added that last year, one lakh patents were granted and the industry should aim at 10 lakh patents in the coming years.

Goyal informed them that about 100 companies from EFTA bloc countries and 130 from Israel are coming to India to explore business opportunities.

"Come and engage with them," he said.

The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.