India's redundant policies obstruct entry of new global medicines into its market: Eli Lilly CEO Dave Ricks

India has an ambitious plan to become a global leader in life sciences by 2047 and aims to generate economic growth, improve public health, and ultimately make India self-reliant in critical medical resources. Dave Ricks, chief executive officer (CEO) of Eli Lilly and Company, spoke to BT on the sidelines of BioAsia 2024, a life science and healthcare forum organised by the Government of Telangana that concluded on Wednesday. He talked about India's vital role in the global life sciences sector, Eli Lilly's India focus, and the way forward.

Edited excerpts

What factors are driving India's transformation into a leading force in the life sciences sector?

India's remarkable transformation in the life sciences arena is fueled by several key factors. Firstly, the country boasts a dynamic economy with rising living standards, a strong industrial base, and stable governance. These factors create an ideal environment for innovation and growth in the life sciences domain. Additionally, India benefits from strong ties with the United States, which provide a significant tailwind for its growth in this critical sector. Furthermore, the global revolution in healthcare is contributing to increased opportunities and collaborations in the life sciences landscape, further propelling India's advancement.

How is the life sciences landscape evolving globally, and what role does India play in this revolution?

The global life sciences landscape is undergoing a seismic shift, characterised by technological advancements and new treatment approaches that target previously untreatable conditions. India, exemplified by Hyderabad's contributions during the COVID-19 pandemic, has played a pivotal role in developing treatments in record time. This shows India's capability to lead in innovation and contribute to addressing global healthcare challenges.

What contribution is your company making to advance the life sciences revolution, particularly in India?

Our company is actively contributing to the life sciences revolution by developing pioneering treatments for neurodegenerative diseases and conducting cutting-edge research in Alzheimer's and obesity. These innovations hold immense potential to address the primary causes of chronic diseases prevalent in India, such as diabetes and hypertension.

What are the key areas India needs to focus on to realise its potential as a global leader in the life sciences sector?

To emerge as a leader in the global life sciences arena, there are certain factors that stimulate domestic investment and attract interest from multinational corporations in foreign direct investment. Intellectual property (IP) is fundamental to our work. We innovate new substances and validate their efficacy in treating diseases. Without adequate IP protection, the extensive and costly process spanning 12–15 years and costing billions of dollars per molecule would not be feasible. It is imperative for India to reassess its IP position relative to our industry.

Additionally, the regulatory environment plays a pivotal role. Harmonising regulations can act as a catalyst for both domestic investment and foreign direct investment (FDI). While India has numerous specific policies in place for valid reasons, upon reflection, some redundant policies causing delays and additional expenses may be identified. Such policies hinder the entry of new medicines from companies like ours into the Indian market and impede the ability of local biotech firms to seamlessly export their innovations worldwide.

Lastly, the establishment of a comprehensive social safety net, akin to those present in many markets, is essential. Initiating this process in a substantial manner will ensure the scalability and affordability of medicines, thereby enhancing healthcare accessibility and outcomes in the country.

How can India break the narrative of a developed versus developing world in the context of healthcare?

India can break the outdated narrative by pursuing both affordability and strong IP protection simultaneously. Collaboration with other nations to create a two-track system that ensures affordability and access to both generic medicines and innovative treatments is crucial. Embracing change and aligning with international standards will further accelerate India's progress in the global life sciences landscape.