Expect India’s R&D expenditure to double with government and private sector funding
The country is looking at a great opportunity to ramp up investments and collaborate with global players in the Pharma & Biotech domain to cater to global needs, says JLL’s latest report titled, “Reimagine the future – Life sciences Perspective,” released today. There are multiple opportunities for Indian vaccine manufacturing companies considering the knowledge base, cost of production and skilled labor, points out the report.
This is an opportune time to explore new partnerships and devise smarter solutions through collaborations between technology and construction companies, tailormade to suit R&D needs, research, start-ups, technology development, regulatory authorities, skill development, education policy, patenting & manufacturing sector to achieve self-sustenance & growth.
“As the shift of major business would move to multiple countries, the infrastructure around the manufacturing facilities on logistics/ supply chain/ cold chains, data integrity & security systems, compliance measures & policies may lead to increased drug costs of APIs and finished pharma products. The countries investing in technologies will secure themselves better to overcome challenging situations,” says MV Harish, Managing Director, PDS – India and Sri Lanka, JLL
“India is staring at a golden opportunity to ramp up its R&D, technology, manufacturing & innovation, thereby creating more jobs, improved skills of workforce & attracting larger investments in manufacturing, logistics & technologies sector. This would also catapult the GDP growth which has been worrisome for the last two years,” he further added.
The expertise of designing & building laboratories, R&D & manufacturing facilities coupled with technologies like BIM, VR, Project Management tools and drone-based monitoring can enhance the efficiency of the buildings & optimize the facility costs with quick turnaround in design & construction. Such platforms also greatly enhance collaborations with clients & teams across the globe & help overcome the need for physical meetings.
With the right policy framework, core research work and goal setting around technology and digital space, India can bring about a positive shift in manufacturing and R&D in next 8-10 years to achieve self-sustenance.