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India needs to up RnD spends, diversify pharma raw material imports: RBI paper
New Delhi: The Covid-19 pandemic has been a "stress test" for the Indian pharma industry, and exposed its high dependence on imported raw materials and "surprisingly low" research and development efforts, a paper in RBI's July bulletin said on Thursday.
"The high import dependency and surprisingly low R&D intensity of exports in the Indian pharmaceutical sector call for timely diversification of source countries for importing raw materials so as to mitigate potential supply-side bottlenecks," the paper by Shibanjan Dutta and Dhirendra Gajbhiye said.
Ruchika Sharma joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751