Nilaya Varma, Group CEO & Co-Founder, Primus Partners, highlights the 1970 Patents Act as a key policy that enabled Indian pharmaceutical companies to build capabilities in reverse engineering and process chemistry, contributing to the emergence of a globally competitive generic-drug industry. He emphasises that the sector’s next phase of growth will require greater investment in R&D, stronger industry-academia collaboration, reduced dependence on imported APIs and complex biologics, and a regulatory framework that promotes innovation.