Gujarat, India (January 13, 2017) – This week, BIO President & CEO Jim Greenwood participated in economic development meetings with top Indian government officials, including Prime Minister Narendra Modi while attending the Vibrant Gujarat Global Summit 2017. Below are select excerpts from his prepared remarks delivered at the Summit:
“India has the scientific resources and research excellence to assume its rightful place beside the United States and China as a global leader in genome editing and biomedical innovation. But what I really want to convey to you today is that this future won’t be possible in India – or anywhere – without a government committed to creating a policy environment where the science can flourish. All of the scientific and entrepreneurial talent in the world cannot overcome stifling public policy.”
“While the IP environment in India has long been challenging, the Modi Administration has been making strides. The decision not to pursue compulsory licensing – and the Prime Minister’s leadership in setting up an IP task force with the United States Trade Representative– are encouraging steps. Still, there’s much more work to do – to allow patenting of new products and to enforce companies’ IP rights.”
“Patent infringement and government-imposed price controls are the surest way to drive away the investors who finance global medical innovation. When government steps in and artificially controls prices of medicines that took our companies billions of dollars perfect, they’re doing so at the expense of future innovation – and the hopes of millions of sick patients who are counting on our industry to find a cure for their condition.”
“Here in India, I see two critical policy challenges that, if addressed, could usher in a new wave of biotech innovation and investment. The first is intellectual property protection. The second is access to capital. On the first point, biomedical innovation cannot be sustained without a government committed to protecting your work product.”
