Invest in research and development: Suresh Prabhu tells pharma companies

New Delhi: Commerce and Industry Minister Suresh Prabhu asked pharmaceutical companies to invest in research and development (R&D) to bolster the growth of the sector.

He said that the government is taking steps to make the firms more innovative.

"All companies in pharma industry must ensure that they must invest good part of their topline in R&D. Because if you do not have pipeline of new drug delivery or new molecules, you will always have problem down the line," he said at a conclave here.

India is now recognised as a key player globally in the generic medicine industry.

He also asked the companies to make a proper balance between making profits and protecting consumer interests.

"We must have a trade-off. We cannot take only one of that issue for granted ....

"We will make sure that the industry grows and at the same time the consumer interest is also adequately protected," he added.

It is not just in India, but all over the world, there is a clamour for controlling drug prices, Prabhu said adding one needs to look at ways to promote affordable healthcare.