Global Innovation Summit 2021- First Global Innovation Summit of the Pharmaceuticals sector

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Global Innovation Summit- Relevance for UPSC Exam

GS Paper 2: Governance, Administration and Challenges –
- Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
- Issues relating to development and management of Social Sector/Services relating to Health.

Recently, the Prime Minister of India inaugurated the first Global Innovation Summit of the Pharmaceuticals sector.

About: The first Global Innovation Summit 2021 on the pharmaceuticals sector is a distinctive initiative that is being organized by the Indian Pharmaceutical Association.
Participation: Global Innovation Summit 2021 is a two-day summit. Global Innovation Summit 2021 will have 12 sessions and see the participation of over 40 national and international speakers.
- Global Innovation Summit 2021 will see the participation of leading members from domestic and global pharma Industries, officials, investors, and researchers from reputed academic institutions.
Objective: Global Innovation Summit aims to bring together key Indian and international stakeholders from the government, industry, academia, investors, and researchers to discuss and strategize priorities to foster a thriving innovation ecosystem in the sector.

Global Innovation Summit 2021 on the pharmaceuticals sector will highlight opportunities in the Indian pharma industry that has huge growth potential.
Global Innovation Summit 2021 will see deliberation on a range of subjects, including the regulatory environment, funding for innovation, industry-academia collaboration, and innovation infrastructure.
Global Innovation Summit the Pharmaceuticals sector will also highlight the fact that the Indian Pharma Industry is a key driver of India’s economic growth.

Role during Covid-19: The Covid-19 pandemic has brought the importance of the healthcare sector into sharp focus. In this context, the pharmaceuticals industry played an important role in reducing the loss of life and suffering of Indian and global citizens during the pandemic.
Boosting Employment and Economy: Indian pharmaceutical industry provides employment to nearly 3 million people, and generates a trade surplus of about thirteen billion dollars.
- The Indian pharma industry has been a key driver of our economic growth.
- The global trust earned by the Indian healthcare sector has led to India being called the ”pharmacy of the world” in recent times.
Foreign Direct Investment (FDI): Since 2014, the Indian healthcare sector has attracted over 12 billion dollars in Foreign Direct Investment.