India's path to Global Life Sciences leadership requires policy reevaluation, David Ricks
David emphasized the importance of IP in driving innovation, without strong IP protection, substantial investment in developing new treatments would not be feasible
image for illustrative purpose
Hyderabad: At the BioAsia 2024 Summit, David Ricks, the CEO of Eli Lilly, shared valuable insights on India's potential in the life sciences sector, focusing particularly on intellectual property (IP) and regulatory aspects.
Ricks acknowledged the significant efforts made by the state of Telangana to establish itself as a global life sciences hub, with world-class infrastructure and progressive policies attracting manufacturing and life sciences jobs. Highlighting Lilly's 30-year presence in India and the establishment of their innovation center in Bangalore in 2016, he emphasized Lilly's commitment to scientific innovation and excellence.
Pointing out India's strengths across three major categories - its dynamic economic growth, stable governance, and democracy, Ricks stressed India's attractiveness for global investment. He noted the changing global landscape, with a slowdown in globalization, but highlighted the enduring strong ties between the US and India as a positive force for India's acceleration.
In the realm of life sciences, Ricks highlighted the significant advancements, especially during the COVID-19 pandemic, where Hyderabad played a crucial role. He mentioned Lilly's efforts in treatments for neurodegenerative conditions, Alzheimer's disease, and obesity, which have garnered global attention.
Transitioning to key points for India's leadership in life sciences, Ricks outlined three critical areas. First, he emphasized the importance of IP in driving innovation, pointing out that without strong IP protection, substantial investment in developing new treatments would not be feasible.
Secondly, Ricks addressed the regulatory environment, noting the need for harmonization to reduce delays and costs. He suggested reevaluating policies to remove redundancies that hinder both local biotech exports and multinational companies' entry into the Indian market.
Lastly, he stressed the need for a social safety net, essential for making innovative medicines scalable and affordable for the population. Ricks proposed a dual-track approach, ensuring affordable generics for common diseases while supporting IP for groundbreaking therapies.
Touching on the burden of non-communicable diseases (NCDs) in India, particularly diabetes, Ricks underscored the importance of embracing innovation to address these pressing health challenges. He commended India's progress in extending basic insurance to millions but advocated for a more comprehensive, low-cost model.
Ricks expressed optimism for India's future in the life sciences sector, citing the country's exceptional talent and momentum. He envisioned a future where advancements in technology, such as AI-driven drug design, could revolutionize disease treatment. However, he cautioned that the realization of this potential hinges on policies that facilitate rather than hinder investment. As Lilly observes India's progress, Ricks emphasized a shared excitement for the future of their operations in the country.
