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India’s regulatory environment surrounding pharmaceuticals and medical devices needs to evolve in order to unlock the industries’ true potential, says Kirit Javali of Jafa & Javali.
The life sciences industry has traditionally been classified as consisting of pharmaceuticals and healthcare. The area of biotechnology has evolved as an important contributor to the pharmaceutical, agricultural and industrial sciences industries, and serves both medical and non-medical markets. The medical market includes human therapeutics, human diagnostics as well as applications in veterinary medicine. Within the non-medical markets there is a split between agriculture and industrial applications.
"India offers advantages in multiple areas including cost, skilled scientific manpower (engineers, scientists, and doctors), large population, and increasingly world-class healthcare infrastructure."
The Indian life sciences industry is attracting global attention. It is at the threshold of tremendous growth, and India is emerging as an important player in the global sector. Why is India important? India offers a dual benefit in the life sciences space, as both a prospective market and a low-cost manufacturing, operations and research base.
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Kirit Javali, Jafa & Javali, India, Regulation, Life Sciences, licences,