Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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The world has witnessed a transformation in health care during the last century. Prescription drugs have helped wipe out diseases and revolutionise cures. The global bio-pharmaceutical industry has seen a steady growth of 3-4% annually over the past five years, with India enjoying an annual growth rate of 9-12%. India is the 11th largest pharma market in the world and will rise to ninth position by 2022. Over 40% of its domestic output (by value) is exported to several countries. It accounts for 20% of the global supply of generic medicines, 60% of all vaccine supply and 80% of all antiretroviral drugs used against HIV/AIDS. Unsurprisingly, India is frequently referred to as ‘pharmacy to the world’. However, India is a very long way from realising its potential for bio-pharmaceutical innovation. We should be looking to the competitive advantage that we could derive from an environment that encourages and values innovation. While it might be unrealistic to aspire to the ecosystems of mature economies such as the U.S. or Japan, we must look to and learn from advancements taking place in our neighbourhood — in the emerging economy of China. The best barometer to measure the health of any research-based industry must be the extent of investment from private equity and venture capital investors. While the traditional choices for bio-pharmaceutical investment have been the U.S. or Europe, China is increasingly becoming the favoured destination for investors. As China has continued to modernise, its competitiveness (documented in the Global Competitiveness Index) has grown steadily over the past decade. In 2015, China began reforms that grew out of the nation’s aspiration toward greater competitiveness and a desire to become a leader in global drug innovation.
Source : https://www.thehindu.com/todays-paper/tp-opinion/lessons-from-a-neighbour/article25018327.ece
