HYDERABAD: The government has to enhance the spending on research and development in life sciences and it also needs to take the risks associated with this, said Minister Mr K.T. Rama Rao speaking at the BioAsia conclave on Friday.
The minister was speaking at a panel discussion on the topic, “The prescription for progress — growth amidst change in India life sciences”. He said, “India currently spends 0.83 per cent for research and development and if we can increase it to 5 per cent, it will be meaningful. This is possible if we collaborate with private players and institutes like CCMB, IISC amongst others for incremental innovations.”
Emphasising that the collaboration by the government with private organisations would result in outcome oriented research, the minister said he will deliberate with Union Minister Mr Suresh Prabhu about the need to increase the spending on research. It may be mentioned here that Mr Rao will be having a fireside chat with Mr Prabhu on Saturday on the third day of BioAsia Conclave.
“Research is the bedrock of innovation but we don’t have the luxury of capital. We need some jugaad model (frugal innovation) to crack the innovation. However, Life Sciences fund is being created by the government with '1,000 cr which will address the risk versus innovation in the life sciences sector,” said Mr Rao.
Pointing out that there is a gap between the Regulator and the Innovator, Mr Eswara Reddy, Drug Controller General of India (DCGI) said, “We have been delivering basic training through National Drug Regulators’ Training Academy, about regulations. There is an urgent need for advance training. We need to have a separate cell under Central Drugs Standard Control Organisation, related to innovators, startups and Make in India. I will put forth the idea and will see how this can be implemented.”
