The intent of coordinating the roundtable was to facilitate an active and mutually beneficial interaction between Australian and Indian firms to constructively deliberate and share best practices and efficiently identify sector-specific challenges and opportunities which lie ahead. On the flip side, the life sciences industry is a sector of strategic priority for Australia too.
The Indian pharmaceutical sector has contributed significantly to the worldwide health care market by ensuring high quality, economical, and available medicines around the globe. Australian participants emphasized that Ayurvedic, herbals, and botanicals will be the recently emerging areas for cooperation for India-Australia as health care is treated in a more holistic way by consumers with altering patterns of lifestyle ailments. Australian side also emphasized the cooperation between two nations in the fields of criteria especially medical tagging, generics, public pharmacies. The Indian sector raised the Problem of recognition of Indian pharmaceuticals from the Therapeutic Goods Administration of Australia in view of the acceptance of pharma manufacturing plants from USFDA.
Taking the momentum ahead, the two FICCI and Australia India Business Council (AIBC) have pioneered comprehensive Business Partnership’ – a concerted effort under the Make in India initiative. The assembly concluded with the two sides agreeing to put more emphasis on the clinical trials and the conducive regulatory environment for harmonization given by both India and Australia. The pharmaceutical industry is of extreme significance in the current scenario.
The talks of the Roundtable meeting focused around the important regions of cooperation like R&D and innovation, clinical trials, clinical trials, cheap generics and biosimilars, harmonization of regulatory practices, along with the increasing emphasis on other medicines from the prevailing pandemic scenario. Its aggressive and path-breaking research may provide massive opportunities for India to develop meaningful collaborations. Throughout the India-Australia Summit in June 2020, bilateral cooperation between India and Australia was raised from Strategic Partnership into Comprehensive Strategic Partnership.