R and D: Need to Enhance India's Access to Funds for Research: MP Sribharat
By : Aruna
Update: 2024-09-27 20:51 GMT
VISHAKHAPATNAM: The thriving pharmaceutical sector here meets domestic requirements and exports drugs to other countries. Its future success depends, however, on research to develop new drugs to compete with global firms.
This was stated by parliamentarian M Sribharat at an Industry Conference organised by the Department of Chemicals and Petrochemicals and FICCI with support from the AP government.
He emphasised AP’s abundant natural resources, the presence of a large oil refinery, a thriving pharmaceutical sector and a substantial pool of qualified youth. The nation must organise and set apart more funds for research and development (R&D) for development of new drugs, so as to compete effectively with firms in the US and elsewhere, he said.
Additionally, he pointed out that India has a prolonged drug approval process, which required a change for the better.
Another pressing issue of the day, he said, was omnipresent plastic waste. Microplastics are harmful to various life forms, including humans and aquatic life, resulting in serious health challenges.
Another pressing issue of the day, he said, was omnipresent plastic waste. Microplastics are harmful to various life forms, including humans and aquatic life, resulting in serious health challenges.
Sribharat said there must be a special focus on safety to meet industry standards. The development of air cargo facilities must be expedited at the Vizag airport to streamline effortless cargo handling and routing, he said.
Amit Malik, FICCI AP Fellow and CEO of Adani Gangavaram Port, highlighted the role of the chemical sector in daily life and its potential contribution to GDP and employment.
Secretary to the state industries and commerce department, N Yuvraj, cited the state's extensive coastline, presence of six ports, three industrial corridors, and a substantial land bank, which could help promote import and export activities.
Yuvraj urged the central government to assist the state in identifying a suitable anchor investor to kick-start PCPIR and establish special parks for the MSME sector. There would be full state support in developing the chemicals and petrochemicals industry in AP, he said.
Nivedita Shukla, central secretary to chemicals and petrochemicals, said she anticipated the industry's growth to Rs 300 billion by 2029 and 1 trillion by 2040. She cited the presence of 3 PCPIRs in AP, Gujarat, and Odisha, which could generate employment opportunities for 3.7 lakh people and attract investments of up to Rs 2.5 lakh crore, based on Niti Aayog's estimation.
She said the central government would consider establishing another CIPET centre in AP and extend full support to address the plastic waste issue. She encouraged active participation of AP in the special session on plant and machinery at the India Chem 2024.