United Kingdom (UK) has announced its partnership with upcoming BioAsia 2014 and is looking to build closer ties with Indian pharma and biotechnology industry.
United Kingdom (UK) which is home to leading pharmaceutical companies like GlaxoSmithKline, AstraZeneca is looking to forge closer ties with India which is considered to be a growing power in Life Sciences industry. As part of this process, UK has now partnered with BioAsia as the Principal Country Partner for the 11th edition of the event, BioAsia 2014. This Asia’s largest bio-business forum will be held at the Hyderabad International Convention Centre (HICC) from 17th to 19th February 2014, in Hyderabad.
The event is expected to address aspects relating to the increasing disease burden, the need for more efficacious and affordable healthcare solutions, innovative products and operating models that could optimise R&D cost while increasing efficiencies, and innovative financing models.
Commenting on the developments, Shakthi M Nagappan, CEO, BioAsia, said “We are glad to have UK as our partner. India and UK have lot to offer to each other in Life Science sector. Both the countries understand the importance of innovation in life sciences which is also our theme for BioAsia 2014. Overseas organisations own more than over 35 per cent of patents in the UK compared to 12 per cent in the USA and less than four per cent in Japan. So we are sure this association will prove fruitful for both the parties.”
Earlier, the 10th edition of BioAsia witnessed partnership with countries like Spain and Australia. With the partnership of United Kingdom, BioAsia 2014 will witness delegates, regulatory body representatives, industry captains, high profile speakers, etc., from both the countries participating in the event.
“Britain and India are natural cultural, social, commercial and scientific partners. Our aim is to build a stronger, wider, deeper relationship based on shared culture, values, and strategic interests. UK and India have inherent strengths in life sciences and bringing them together will drive significant developments in the life sciences and healthcare sector,” said Andrew McAllister, British Deputy High Commissioner.
McAllister pointed out the key highlights of UK Life Sciences industry. “We are making it more attractive for companies to invest in UK innovation through the introduction of schemes like: the Patent Box, which from April last year will have a 10 per cent rate of corporation tax for profits attributed to patents; by improving the R&D Tax Credits for SMEs; and by creating a more enabling regulatory environment. Joint investment in research has increased substantially over the last three years, making it the fastest growing bilateral research relationship for the UK. The portfolio of agreed joint funding on research now totals £150 million, up from just £1 million four years ago,” he added.
“UK is by far the most popular business destination in Europe for Indian companies. 700 out of the 1,200 Indian firms in the EU operate from the UK. A number of Hyderabad based Life Sciences and Pharmaceuticals companies have set up successful businesses in the UK and are growing,” said K Pradeep Chandra, principal secretary, Dept of Industries Government of Andhra Pradesh.