The founder of Sun Pharmaceutical Industries, Dilip Shanghvi said that the Indian pharma industry has the potential to discover at least a couple of new drugs in the next 10 years.
He, however, cautioned that the industry should gear up to strengthen the core areas such as clinical development and research capabilities.
"India has enormous opportunity to discover drugs but there are a few areas where we need to strengthen our capabilities - especially in the area of biology and clinical development. I am sure within next 10 years, we will have new drugs from Indian firms as well," Shanghvi said at the symposium 'DRILS Synergy 2015' organized by the Dr Reddy's Institute of Life Sciences (DRILS).
He said Indian Pharma companies including Sun Pharma are setting up labs abroad due to lack of expertise in India in the areas necessary.
Later speaking to reporters, GV Prasad - Dr Reddy's Laboratories co-chairman and chief executive officer said DRILS, which was incorporated in 2004, is working with over 20 pharma companies from India as well as abroad in their research projects.
DRILS will step up its focus on collaboration with start-ups besides big corporates in research, said Prasad.
Akella Venkateswarlu, Founder-Director of DRILS, said the institute is ready to offer solution-focused research to industry in life sciences, drug discovery and product development.
According to him, DRILS focuses mainly focusing on the areas of metabolic disorders, immunology and zebra fish biology.