India’s R&D expenditure is expected to double with government and private sector funding, according to a report by property consultant JLL.
The report highlights that there are multiple opportunities for Indian vaccine manufacturing companies.
In the report titled “Reimagine the future- Life sciences perspective”, JLL has said that the country is looking at a great opportunity to ramp up investments and collaborate with global players in the Pharma & Biotech domain to cater to global needs.
“India is staring at a golden opportunity to ramp up its R&D, technology, manufacturing & innovation, thereby creating more jobs, improved skills of workforce and attracting larger investments in manufacturing, logistics and technologies sector. This would also catapult the GDP growth which has been worrisome for the last two years,” said MV Harish, Managing Director, PDS – India and Sri Lanka, JLL.
The report said that this is an opportune time to explore new partnerships and devise smarter solutions through collaborations between technology and construction companies.
“As the shift of major business would move to multiple countries, the infrastructure around the manufacturing facilities on logistics/ supply chain/ cold chains, data integrity and security systems, compliance measures and policies may lead to increased drug costs of APIs and finished pharma products. The countries investing in technologies will secure themselves better to overcome challenging situations,” Harish added.
The expertise of designing & building laboratories, R&D and manufacturing facilities coupled with technologies like BIM, VR, Project Management tools and drone-based monitoring can enhance the efficiency of the buildings and optimize the facility costs with quick turnaround in design & construction.
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