Amritsar, NFA Post: India is looking at a great opportunity to ramp up investments and collaborate with global players in the Pharma and Biotech industry to cater to global needs, professional services firm JLL said in its latest report.
The report titled “Reimagine the future – Life sciences Perspective” highlighted that there are multiple opportunities for Indian vaccine manufacturing companies considering the knowledge base, cost of production and skilled labour
“India is staring at a golden opportunity to ramp up its R&D, technology, manufacturing & innovation, thereby creating more jobs, improved skills of workforce & attracting larger investments in manufacturing, logistics & technologies sector. This would also catapult the GDP growth which has been worrisome for the last two years,” said M.V. Harish, Managing Director, PDS – India and Sri Lanka, JLL.
The report pointed out that this is an opportune time to explore new partnerships and devise smarter solutions through collaborations between technology and construction companies, tailormade to suit R&D needs, research, start-ups, technology development, regulatory authorities, skill development, education policy, patenting and manufacturing sector to achieve self-sustenance and growth.
“As the shift of major business would move to multiple countries, the infrastructure around the manufacturing facilities on logistics/ supply chain/ cold chains, data integrity and security systems, compliance measures and policies may lead to increased drug costs of APIs and finished pharma products. The countries investing in technologies will secure themselves better to overcome challenging situations,” Harish said.
The report noted that the expertise of designing and building laboratories, R&D and manufacturing facilities coupled with technologies like BIM, VR, Project Management tools and drone-based monitoring can enhance the efficiency of the buildings and optimise the facility costs with quick turnaround in design and construction.
It added that such platforms also greatly enhance collaborations with clients and teams across the globe and help overcome the need for physical meetings.
JLL said that with the right policy framework, core research work and goal setting around technology and digital space, India can bring about a positive shift in manufacturing and R&D in the eight-to-ten years to achieve self-sustenance.