Value of Innovation (VOI)
Drug discovery is a long, complex, and expensive process, often taking over 10-15 years to achieve commercial fruition and costing $2.5 billion on average to get market authorization. Nevertheless, innovation and new drug development are vital to meet the unmet medical needs of a country. This requires not just robust IPR regime, but also other incentives such RDP, streamlined and predictable regulatory regime etc.
One of factors that gives impetus to innovations is when there is both awareness and acknowledgement of innovation. And this is precisely what OPPI set about to do with its #ValueofInnovation initiative!
The four-phase campaign was launched in 2022 starting with LinkedIn posts that highlighted the importance of research and development in the pharmaceutical industry. Phase 2 concentrated on affordable treatments for critical diseases.
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Value of Innovation 3.0, the third phase, commenced in early 2024, and sought to build awareness regarding the numerous solutions developed for and within India by OPPI member companies. This phase underscored the substantial improvements these innovations brought to healthcare quality and delivery systems nationwide. Posts featured the latest innovations from member companies and included a Leadership Series, with contributions from CXOs, industry leaders, representatives from relevant ministries, and other key stakeholders, all of whom spoke on the role of innovation, collaboration, and academia in advancing medical science in India. A Vaccine Series, #VaccinesForLife, presented posts in Hindi highlighting the importance of vaccines in protecting lives. Additionally, the IFPMA series emphasized the need for strong IPR protections to enable innovation to flourish.
The final phase of the series, Value of Innovation 4.0 focused on the contribution of Global Capability Centres (GCCs) in harnessing India’s skilled workforce to address global medicine needs. Posts highlighted how member companies were scaling up technology and leveraging innovation to strengthen India’s position as a world leader in medicine. This phase also featured the release of an informative booklet in 2024 containing FAQs on the importance of innovation, further reinforcing the campaign’s central theme.
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