Healthcare and biotechnology companies should be focused on developing blockbuster drugs that benefit billions of patients, says world-leading healthcare experts, and this can only be done through collaboration and innovation they say.
Speaking at the opening day of the Bangalore India Bio, leaders in Life Sciences presented their views at the UK Trade & Investment (UKTI) India Making Tomorrow's Medicine.
Speaking at the event, Indian entrepreneur and Chairwoman of India's biggest bio-tech company, Biocon Limited, Dr Kiran Mazumdar Shaw, said in making the Medicines of Tomorrow, the endeavour should be to leverage innovation to develop therapies which are affordable and accessible.
"As global priorities shift from providing exclusive and expensive drugs to more affordable drugs to enhance access to greater patient populations, we need to focus on developing blockbuster drugs with a potential to benefit a billion patients," said Ms Shaw.
"A developing country like India needs to invest in an affordable innovation model that can help address the burgeoning healthcare challenges of India, where 80 percent of healthcare expenses are borne by the patients, in the absence of a universal healthcare program run by the Government."
"The UK, with its ecosystem of research institutes, innovative companies and a large scientific pool, has become an important destination for high-end innovation and research. As large numbers of Indian companies commit themselves to innovation, UK's innovation ecosystem can provide learning opportunities for these companies to develop new competencies through collaborative research and alliances and join hands in their pursuit of addressing unmet medical needs," she said.
The UK has the strongest overseas presence with more than 20 companies participating in the 16th edition of Bangalore India Bio.Deputy High Commissioner, Dominic McAllister, said the UK and India have built a legacy of collaboration in life sciences over recent years.
"Our role within the British Deputy High Commission in Bengaluru is to not only strengthen existing links, but also to explore new ways of working together. Making Tomorrow's Medicines in India using UK capabilities is aligned to Prime Minister Modi's vision ofMake In India and is an example of GREAT for Collaboration an exciting campaign that inspires new partnerships between the UK and India.
The UK has a long track record of cost-effective and compliant medicines manufacturing from leading global companies.India has taken over from Italy as one of the leading supplier of manufacturing supply chains and is ideally positioned to be the hub of activity around Making Tomorrow's Medicine.
Jon Mowles, UKTI Life Science Sector Specialist, who is leading the British delegation, said that the UK has a rich heritage of life science discovery that has transformed scientific knowledge and continues to unlock clinical and commercial opportunities for many countries, including India.
"UK science is world-class, offering industry an opportunity to partner with globally recognised pioneers and innovators. Twenty-five percent of drugs in the UK are made in India and I am looking forward to meeting with Indian experts and discuss how we can Make Tomorrow's Medicine together," he said.
Interested parties can also visit and meet UKTI Investment Advisors at Bangalore Bio 2016 who can assist with collaboration opportunities with the UK.