Biocon's Kiran Mazumdar Shaw's prescription for fighting COVID-19

Biocon CMD shares her insights on how Indian biotech industry can leverage the coronavirus crisis and turn it into a massive opportunity

India’s pharmaceutical industry has indeed emerged as a force to reckon with. A recent KPMG report states that the country’s pharma exports add up to $13.7 billion (while imports stand at $1.99 billion) and it meets 50% of the global demand for generic drugs. The problem is we import an estimated 70% of active pharmaceutical ingredients (APIs) from China. Understandably, the Covid-19 crisis and the consequent lockdown served a gut-punch to the industry. There have been freight shutdowns, non-availability of labour, and a spike in cost of a few imported raw materials. However, there is a silver lining, especially for this industry. Kiran Mazumdar Shaw, CMD, Biocon, certainly thinks that the pandemic could be a blessing in disguise.