Research-based incentives can boost the domestic pharmaceutical sector, making it worth USD 200 billion by 2030, according to Biocon Executive Chairperson Kiran Mazumdar-Shaw. She believes the industry has the potential to grow even further beyond the estimated USD 165 billion by 2030, but this growth must be driven by drug innovation rather than just generics and biosimilars. Mazumdar-Shaw emphasized the need for research incentives to drive this growth and called for stronger government support through research-linked incentive schemes. She also suggested decoupling private sector investment and funding academic research institutes out of the National Research Foundation.
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