Make In India: Biomedical Firms Can Gain From Coronavirus The Way IT Industry Used Y2K Scare

Meeting the coronavirus challenge for rapid testing could be a perfect launchpad for the domestic manufacturing sector as the virus testing product can be a gamechanger.

India’s biomedical industry may use the coronavirus crisis as a watershed moment to build up capabilities the same way in which Indian IT sector emerged as a global player after the Y2K scare. Former RBI Governor Urjit Patel and noted economist Amartya Lahiri wrote in The Indian Express, establishing the relation between high-scale Covid-19 testing requirements in the coming years, and the likely benefit that Indian biomedical industry can derive from it. The duo stated that even if India does one lakh tests per day, not even 5 per cent of the population will be tested once in the next two years.

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Given the public health challenge and the need for making people safe, the Covid-19 testing has ballooned worldwide. Urjit Patel and Amartya Lahiri suggested that Indian businesses can respond to the challenge by quickly building capacity to produce relatively cheap testing kits, which could spark a boom in the biomedical industry. They also mentioned that India should give a clear signal to the entrepreneurs in the biomedical industry about this mission as the skill and enterprise are both available.

Source: Financial Express

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