global drug discovery and development," Rishi said.
Arguing that regulatory institutions in India need to be strengthened to accomplish this objective, Rishi suggested that it is time the Office of the Drug Controller General of India is elevated to a statutory autonomous body like Securities and Exchange Board of India.
India's Biotechnology and Science and Technology Secretary, K Vijaya Raghavan, said the new government has identified seven thrust areas for itself in the next one year.
This includes maternal and fetal development; drug discovery for tropical diseases; developing new vaccines; eliminating open defecation and waste treatment technology collaboration; sustainable food security and sustainability, and energy solutions to bio tech.
Experts believe that India has an enormous potential in the biotechnology sector to become a USD 100 billion industry in the next decade.
Raghavan said India is today working towards creating an ecosystem of innovation and the Indian Biotechnology is poised to provide solutions to the challenges that the country faces.