Biopharma Shakti Unveiled
The Union Finance Minister, Nirmala Sitharaman, introduced the Biopharma Shakti mission, allocating Rs 10,000 crore over five years, to propel India towards
becoming a global manufacturing hub for complex biological drugs. This mission's primary objectives include strengthening the Central Drugs Standard Control Organisation to adhere to global standards, alongside creating a dedicated scientific review cadre to expedite drug approval processes. Moreover, the government is planning to facilitate the establishment of three new National Institute of Pharmaceutical Education and Research (NIPERs) and build a network of 1,000 accredited clinical trial sites, vital for bringing new medicines to market. This comprehensive approach underscores a commitment to fostering innovation and enhancing the nation's capacity to compete in the global biopharmaceutical market. According to an expert, this will not only help in bringing manufacturing to the country but also a share of the global clinical trial market.
Boosting Manufacturing Capacity
A core objective of the Biopharma Shakti mission involves transforming India into a significant manufacturing hub for intricate biological drugs. This ambition is supported by the creation of a strong regulatory framework, ensuring the Central Drugs Standard Control Organisation meets worldwide standards. The government also plans to establish a specialised scientific review cadre comprised of experts. These specialists will expedite drug approvals, bringing India in line with global approval timelines. This focus aims to cultivate a conducive environment for biopharmaceutical innovation and production. The initiative will also establish 1,000 accredited clinical trial sites, which is essential before introducing these medicines to the market.
Industry Experts React
Leading figures within the pharmaceutical industry have expressed their support for the budget's focus on the biopharmaceutical sector. Satish Reddy, Chairman of Dr Reddy’s Laboratories Limited, highlighted the strategic significance of the pharmaceutical sector receiving prominent attention in the Finance Minister’s presentation. He also emphasized the timeliness of the emphasis on biologics and biosimilars, asserting that India is on the cusp of leading globally in this specific area. This positive feedback from industry experts suggests that the government's approach is well-aligned with the needs and opportunities present in the biopharmaceutical landscape. The collective endorsement from industry professionals reinforces the potential for substantial growth and innovation.
