US Pharma Companies Eye Opportunities Under Modi Government
The incoming government led by Narendra Modi represents an 'excellent opportunity' for American industries to strengthen and rekindle their relationships with India, a leading US industry body has said.
"Research-based bio-pharmaceutical companies see much potential for Mr Modi's success, because he understands the crucial role innovation plays in economic development," Pharmaceutical Research and Manufacturers of America (PhRMA) president and chief executive John J Castellani said in a blog.
The PhRMA represents America's leading bio-pharmaceutical researchers and biotechnology companies.
"We are eager to begin working with the new government to strengthen the bio-pharmaceutical industry's relationship with India in order to increase access to medications for Indian citizens," Mr Castellani said.
On the reason for the eagerness by PhRMA, Mr Castellani said, "His (Modi's) party's platform specifically mentions the need for a strong intellectual property (IP) regime in order to 'maximise the incentive for generation', while also outlining a vision for a healthcare system that improves quality and access."
By prioritising IP rights, a constant cycle of innovation in India could be created that will help sustain India's economy for years to come, he added.
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