On India’s 79th Independence Day, Biocon and Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw welcomed Prime Minister Narendra Modi’s emphasis on atmanirbharta (self-reliance), innovation, and reform, but stressed that the pharma sector needs urgent regulatory changes to truly realise this vision.“The Prime Minister makes a very strong call out to the nation for action… how do we get to Viksit Bharat through very advanced technologies,” Shaw said, noting that Modi’s focus extended beyond self-reliance to making India “globally competitive” through innovation that delivers affordability. She also highlighted his mention of GST reforms to reduce the cost of essentials, calling it an important push towards “dam kam” (lower prices).On the Prime Minister’s specific message to the pharmaceutical industry, Shaw was unequivocal in her agreement. “We really need to invest in research, cutting-edge research… we have the talent and the unmet needs in our country to do that,” she said, adding that the sector also requires regulatory reforms to enable innovation.
Read Here | GST rate cuts: PM Modi promises a big Diwali gift this Independence DayShaw pointed to the long and costly journey from “lab to market” as a key bottleneck. “Unless we have very, very bold regulatory reforms that shorten this… we will not see the kind of research investment that is required for a country like India,” she explained. The lengthy timelines make investments in innovative molecules “high risk” and deter funding.She underlined the importance of developing homegrown solutions rather than relying on products developed overseas. “We need our own innovation… we need to take research and innovation from India to the world, and that’s where I think regulators play an important role,” Shaw said, citing China as an example of how regulatory ecosystems can drive domestic innovation.On whether Modi’s announcements could influence global ratings agencies like Fitch and Moody’s to follow S&P’s recent upgrade, Shaw urged a broader view. “The Independence Day speech is not a budget speech,” she noted, but expressed hope that the “very strong intent for regulatory reforms” — starting with GST changes — could pave the way for broader reform momentum.Also Read | From rate cuts to compliance relief, experts outline GST revamp priorities
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