Lobbying by U.S. pharmaceutical companies not in India's interest: Kiran Mazumdar Shaw
Washington: The CEO of India's leading pharmaceutical company ' BioCon ' Ms. Kiran Mazumdar Shaw who, is in Washington to participate in the CEO's Forum of the India - US Strategic and Commercial Dialogue, has warned that excessive lobbying by American pharmaceutical companies aimed at establishing a domination in the Indian market is not in the interest of the Indian common man because of price issues stemming from data exclusivity and patent linkages.
India, she said, should be wary of such lobbying and should urge the U.S. side to create a climate good for both nations with their unique market situations. In an exclusive interview with ANI, Ms. Shaw said the U.S. administration needs to 'take note 'of the jobs being created in the U.S. by Indian companies which are routing heavy investments into the U.S.
This aspect of the India - U.S. relationship was not talked about but the fact of the matter is that India was a net Job creator in the U.S. At the same time American companies were investing in India in terms of technology and innovation and this narrative was also understated.
Commenting on the CEO's vision for India-U.S. relations, Ms. Shaw said 'Indian CEOs would like the current trade with the U.S. which is valued at 100 billion dollars a year to increase to 500 billion dollars a year ".
Such a quantum jump can come about with the ease of doing business that India is going to accomplish. The objective is to create 'the right business climate in India and which is an objective that the Modi Government is pursuing seriously ".
Ms Shaw called on the Obama administration to look at India 'as a strategic investment destination ". Once this is done 'the ease of doing business will follow very quickly ". She said the Modi government is 'pulling all stops to do that' and within the near future India will have a business regime which will be attractive to companies all over the world.
On the GST issue, Ms. Shaw said 'GST is very important " and it should happen as it will propel India to better economic growth. Speaking about the challenges faced by Indian companies in the U.S., Ms. Shaw said it is about regulatory approvals and market access.
She added that the platforms like the India - U S Strategic dialogue would enable a regime which would make it easier for corporates in India and in the U.S. to access each other's markets. Overall she said that American and Indian CEO's were now in a very positive mood about investing in each other's countries.