New Delhi, April 14 -- The Indian pharmaceutical industry must enter a dedicated "innovation phase" over the next five years if it is to meet its long-term global ambitions, said Namit Joshi, Chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), on the sidelines of the India Pharma 2026 event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

"We have to leapfrog from a particular value by 2030, and if we want to achieve the ambition of 2047, then these are five years, in which we must enter the innovation phase," Joshi said. He stressed that relying on generics alone is no longer sufficient for growth. Because we have seen that in the generic space, it is not helping us. We are not...