India spends about 1 percent of its gross domestic product (GDP) on public health, compared to 3 percent in China and 8.3 percent in the United States. Despite this low budget allotment, the contribution has been decreasing or kept stagnant in India since several years.
The Indian captains of the pharmaceutical industry reiterated their concerns about the steady reduction in the health care budget of the central government and increasing pressure on price reduction, which translates into compressed margins.
According to Glenn Saldanha, President and CEO of Glenmark Pharmaceuticals, "The government is committed to reducing drug prices, which are already the lowest in the world, by curbing the already highly competitive Indian pharmaceutical industry with many Multinational and national societies Players operating in this space. " He was speaking on the sidelines of Bio Asia 2017 in Hyderabad.
Even though the government's budget for health has declined, even public-private partnerships have generally not been successful, said Dr Vasanth Narasimhan, Global Head of Drug Development and Director of Marketing At Novartis.
While addressing concerns about investment in research and development (R & D), Dr. Narasimhan said: "The biotech industry faces the challenge of getting the returns from the huge investment it makes in research And development. The pharmaceutical and biotechnology industry around the world invests nearly $ 150 billion and the question we need to answer is how we can use the funds effectively and how companies can get the return from their investors.
"Every successful drug development begins with a discovery or invention followed by many years of development, creating a market and getting the drug to be actually used by the ethical community," said Nobel Laureate Professor Kurt Wuthrich, Scripps Research Institute, "I experienced all this myself, I saw that it took two generations of doctors to adopt the MRI and use it where it is more apt to provide necessary information.
Taraka Rama Rao, Telangana's Minister of Industry attributed this to people's lack of confidence in government health institutions
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