Pharma industry’s success relies on innovation, else it will extinct: Goya

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.
Source : BusinessStandard