Pharma industry's success relies on innovation, else it will extinct: Goyal

Quick Summary:

Commerce and Industry Minister Piyush Goyal on Saturday emphasised on the crucial role of innovation in driving the growth of the Indian pharmaceutical industry and warned that without innovation, the industry will be "finished".

This is the industry where innovation determines success, whoever will not innovate will be finished," he said, while addressing members of the drug making firms in Mumbai.

He also expressed concern that the industry often relies on government incentives to conduct research and development in the sector.

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Category: BusinessFinance

Markets: IndiaIcelandIsraelJapanLiechtensteinNorwaySwitzerland

Topics: Industry growth Pharma industry Indian pharmaceuticals Piyush Goyal Manufacturing practices Innovation Research and development Tax incentives Patents Spurious drugs

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-08 @ 21:21:48 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 512 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 25982982

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