The report said that in a bid to attract more investment and increase innovation in the sector, India must enact supportive policies which will help foreign collaborations besides driving the best talent into the sector and also addressing the infrastructure problems faced by it.
The government, researchers and the Pharma industry have to join hands in developing R&D in the Indian bio-pharma sector. The funding for the purpose is expected to come from multinational companies, Indian bio pharma sector and funding agencies that sponsor causes like innovation.
The report suggested that India's Pharma providers should remodel its business strategy in a bid to seek more foreign collaborations for enhancing innovation in the sector.
It said that while the Pharma companies should concentrate on market segmentation and increase their reach on market and cater exclusively to the needs of their clients, the development and innovation part of the product must be left in the hands of research institutes who can attract the best talent globally and foreign collaboration from other institutes.
The report concluded by saying that if each stakeholder fulfills its responsibility than India's bio pharma sector will is poised for significant growth in the next few years.