India should take advantage of the factor of low-cost drug development and research to produce high value products and Indian companies should collaborate with MNCs to share the research capabilities, said Kiran Mazumdar-Shaw, chairman and managing director, Biocon Limited. She was speaking at the function organised by Indian Merchant Chamber (IMC), where she was conferred the 'Eminent Businessperson of the Year Award' in Mumbai today.

Speaking on the topic 'Biotechnology in India: Promising Future,' she said that the cost of manufacturing biotech products is too low in India as compared to the foreign countries like the US. Hence more Indian companies should come forward as there is wider scope in the segment, she said.

She added that the improper regulatory system in India and the lack of pre-clinical GLP laboratories especially for large animals impedes the speed of drug development here. There is need of revised curriculum at medical colleges that include drug discovery and clinical researches.

SM Krishna, Governor of Maharashtra has awarded the 'Eminent Businessperson of the Year Award' to Mazumdar-Shaw.