India poised to lead in life sciences: Eli Lilly CEO
David Ricks says strong IP, streamlined regulations, and affordability key for growth
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Hyderabad: At the Bio Asia 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.
Delivering a keynote address, 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, the 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.
