We’re innovating, now we need to monetize: Kiran Mazumdar-Shaw

2020 once seemed futuristic, a year by when our world would be transformed. As it nears, Mint invites thought leaders to share their vision for India for the next decade. We start with Biocon chairperson Kiran Mazumdar-Shaw, who tells Mint her five ideas to take India to a leadership position in life sciences technology.

Gene therapy for all

India could become a global hub for affordable, high-end therapies if we invest in gene and cell therapy and gene editing technology. Gene editing technology has helped accelerate innovation not just in life sciences, but across industries such as food, agriculture, energy and defence.

Focus on patenting

India needs to focus more on patenting and intellectual property protection. Awareness and legal support are key to enhancing the number of patents.We need patenting laws in line with global ones to derive value from our innovations, and monetize our innovations at a global level.

Data for mass change

Digital technologies are transforming businesses and India needs more of these to transform its life sciences and biotechnology businesses. Technology and big data analytics can make research and development more efficient by analysing billions of data sets, accelerate the discovery process and reduce error rates. They can reduce the cost of expensive diagnostics for Indians. They can bring a tectonic shift in the biotechnology and life sciences landscape.

Invest more in R&D

To take a lead in cutting-edge technologies, India needs to increase investment in research and development (R&D). India has to invest in creating world-class research institutions and infrastructure, high-end technical skills, and incentivize private investments in R&D.

Get regulation right

India needs to articulate regulations in new areas such as diagnostics. Liberal regulations with the right degree of control will signal government’s “positive intent” to stakeholders. This will draw investment, spur R&D and remove hurdles in development of new technologies.