India could become a global pharmacy hub: Dilip Shanghvi

Speaking at the Economic Times CEO roundtable, Dilip Shanghvi, MD & CEO, Sun Pharmaceuticals says India could become a global pharmacy, an increasingly important source of pharmaceutical products globally. Edited excerpts:-

Economic Times: In your view and what of you have seen of the government in the last two years, how easy has it become for a pharmaceutical company to get approvals, to make investments and get clearances for whatever they are doing?
Dilip Shanghvi: Clearly I think there is a focus on ensuring that the projects that we are trying to set up in different locations get clearances rapidly. Unlike the other sectors, in pharma, most of the companies including Sun Pharma are adding significant capacities by either enhancing capacities in existing facilities or setting up new facilities and. We are not only growing in India double digits but India could become a global pharmacy, an increasingly important source of pharmaceutical products globally. I see all the appropriate infrastructure for pharma companies continuing to grow in future.

Economic Times: Is it easier now for you to get drug approvals than it was in the past?
Dilip Shanghvi: Pharmaceutical companies in India have multilevel drug approval process. We have older products that we get drug approval from local or state FDA and new products that we get approval from the centre. There is a focus on the request of industry to migrate towards global practices. That is what will lead to product quality in India meeting global standards. For a short period of time, till we make up for the difference that new regulations apply, I see facilitations like things that we require to move our product development approvals are happening rapidly.