Growth not to be lopsided: KTR

Raising the industry’s concerns over the growth rate of the pharma industry being less (5.5 per cent) than the GDP growth (7 per cent), minister K.T. Rama Rao asked the Union minister Suresh Prabhu about the pricing of drugs. In response, Mr Prabhu said, “National Pharmaceutical Pricing Authority is mandated with the responsibility. I will take up how there can be a very institutionalised consultative mechanism put in place which will ensure the growth of pharma industry so that new products will be available and affordable.”

Mr Rao put forth suggestions from the pharma industry that included that pricing should be consultative in nature and growth should not be lopsided and that competitiveness must prevail. Mr Rao was moderating a fireside chat on the final day of the 15th Edition of BioAsia. Mr Prabhu said that the government needed to balance between the industry needs and health care needs of the people. Speaking about allocations to R&D in pharma sector, he said, “Our preoccupying concern is allowing the industry to grow but with the health care of the common man being taken care of as well.”

Mr Prabhu noted that the pharma industry has matured and it should act like a parent and fill in the gaps in health care. He said that a WTO-compatible incentive package to promote R&D was also being worked out by the government. Meanwhile Mr Rao said that the deliberations of the conference would be submitted to the government of India on behalf of the Telangana government, in order for them to take it forward.