India's pharma sector seeks policy reforms to drive innovation growth

India's pharmaceutical industry, a significant contributor to the nation's economy and a major global supplier of generic medicines, is increasingly emphasizing the need for structural reforms to foster innovation and sustainable growth.

The sector faces multifaceted challenges ranging from stringent regulatory frameworks to pricing pressures and competition from international players. Industry experts argue that policymakers must create a more conducive ecosystem that encourages research and development while maintaining affordable healthcare access for Indian consumers.

Key areas of focus include streamlining approval processes for new drug formulations, providing tax incentives for research-intensive companies, and strengthening intellectual property protections. The industry has also stressed the importance of public-private partnerships to reduce the financial burden of drug development.

Stakeholders contend that countries with stronger innovation incentives are attracting pharmaceutical investments and talent at a faster pace. Without targeted interventions, they warn, India risks losing its advantage as a pharmaceutical powerhouse in Asia.

Government officials and industry representatives are expected to engage in further dialogue to develop a comprehensive strategy that balances innovation promotion with accessibility and affordability objectives.