Bangalore-based biotech major Biocon Ltd and Mumbai based international specialty pharmaceutical company Sun Pharmaceutical Industries Limited were conferred the Thomson Reuters Innovation Awards 2014 for setting global standards in discovery and research.

According to the the Thomson Reuters recent findings, pharmaceuticals is among the key technology areas in India with the largest volume of innovation amongst the others like computing & control, pharmaceuticals, polymers & plastics, communications and automotives. Within pharmaceuticals, polymers & plastics, and automotives, innovation is especially prevalent from Indian companies.

“Our focus on innovation has enabled Biocon to cross new milestones in the area of drug affordability through our range of biosimilars and biologics. The Thomson Reuters India Innovation Award 2014 validates the work that Biocon is doing in our pursuit to find solutions that heal the world,” said Kiran Mazumdar-Shaw, CMD, Biocon.

Thomson Reuters 2014 State of Innovation India and the India Innovation Awards methodologies are based on research and analysis done using the Derwent World Patents Index, the world’s most trusted and authoritative value-added patent database.

Commenting on this award, U B Pravin Rao, chief operating officer, Infosys said, “We are a business that is focused on innovation, driven by insights into the real problems our clients are trying to solve. We are committed to amplifying our teams with technology, automation and AI techniques, so that we can drive this agenda with purposeful solutions that deliver unmatched value. Winning the India Innovation Award further validates our purpose and strengthens our resolve to continue to bring great ideas to life.”

Dr Rajamannar Thennati, head - R&D, Sun Pharma said, "At Sun Pharma, innovation is the core of our organisation. In our business, innovation is directly linked to helping patients by providing medicines at affordable cost. We are focussed on finding solutions to complex scientific challenges, environmental safety and creating an intellectual asset for sustained growth."

Thomson Reuters 2014 State of Innovation India report analyzed innovation in 12 leading sectors based on patent activity for inventions originating from India. The Intellectual Property & Science business of Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, announced the launch of its 2014 State of Innovation India report recently. This is the second consecutive year of the study, which is conducted by looking at patent activity to gain a clearer understanding of the innovation landscape in India.