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Covid-19 crisis prompts India to look for global partners in health care

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Covid-19 crisis prompts India to look for global partners in health care

As India shifts its focus to the pharmaceutical and medical devices industries amid the Covid-19 pandemic, it is actively reaching out to several countries, including Japan, seeking to attract investments in manufacturing and joint venture projects, according to officials and industry executives.

India sees an investment potential ofRs 70,000 crore in the medical devices industry alone over the next five years.

The government is targeting 1,200 technical collaborations between Japanese companies and Indian investors for over 42,000 crore, 200 joint ventures with overseas investors forRs 14,000 crore, and another 14,000-crore investment from about 50 multinational companies.

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This was discussed during a webinar organised by the Indian Embassy in Tokyo, along with the Department of Pharmaceuticals, and it had over 150 participants from both countries. P D Vaghela, secretary, Department of Pharmaceuticals , who was also present in the webinar, said Japanese companies were interested in investing in the API (active pharmaceutical ingredient) space, and could also explore joint ventures in the medical devices segment.

ALSO READ: Three employees of Cadila Pharmaceuticals die of coronavirus in Gujarat

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Speaking to Business Standard, Sudarshan Jain, secretary-general of the Indian Pharmaceutical Alliance (IPA), said companies like Eisai Pharmaceuticals had been operating in the country since the early 2000s and their experience had been good.

 

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“India can be a low-cost manufacturing base for Japan. We have skilled manpower and at lower costs. India is one of the largest suppliers of generic medicines to the US; it can do the same for Japan,” Jain said.

 

He said partnerships or investments could be in different kinds of projects. One is where a Japanese company sets up a manufacturing base here for exporting to other countries, or it can export to Japan. Secondly, they can also invest in Indian companies that make drugs. Moreover, with India’s renewed focus on growing its API production, there are a lot of investment opportunities for Japanese majors. Eisai, for example, makes APIs. “The Indian government is now offering production-linked incentives for large API production units and this can be an area of collaboration,” Jain said.

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The DoP secretary has asked the Japanese industry to get in touch with the pharma bureau, set up to guide potential investors. Last month, the medical devices industry here had requested the Indian ambassador to invite the Japanese to shift factories from China to India, informed Rajiv Nath, forum coordinator of the Association of Indian Medical Device Industry (AiMeD).

ALSO READ: Coronavirus LIVE: Sikkim detects first case; Ahmedabad 24 deaths in a day

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Pharma majors like Sun Pharma, Wockhardt, and Panacea Biotech were present in the webinar.

 

Growing market

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    • Rs 38,800 crore Worth of medical devices India imported in FY19

 

    • Rs 12,700 crore Medical devices exported in the same year

 

    • Rs 1.05 trillion Market size of Indian medical devices at retail level

 

    • 85% India’s import dependency for medical devices

 

    • Rs 1.4 trillion Domestic pharma market’s turnover in FY20

 

 

 

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(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

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Alan Patricof Net Worth 2024: How Much is the American Investor Worth?

Who is Alan Patricof?

Alan Patricof is a prominent figure in the American investment landscape, renowned for his contributions to venture capital. With a career spanning over four decades, Patricof has been instrumental in shaping the growth of numerous global companies, including America Online, Apple Computer, and Audible. His legacy extends beyond business, with involvement in community organizations and government initiatives.

Alan Patricof Career

Alan Patricof’s career in venture capital began in the industry’s early days. He founded Patricof & Co. Ventures Inc., a precursor to Apax Partners, one of the world’s leading private equity firms. Later, he established Greycroft Partners, focusing on early and expansion-stage investments in digital media. Throughout his career, Patricof’s vision and leadership have played a pivotal role in advancing the venture capital field.

Alan Patricof’s Net Worth

As of May 3, 2024, Alan Patricof’s estimated net worth stands at over $1 million. His wealth is derived from various investments, including holdings in Boston Properties Inc. and successful ventures in digital media. Despite humble beginnings, Patricof’s entrepreneurial spirit and strategic acumen have propelled him to financial success.

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Alan Patricof Age

Born in 1934, Alan Patricof is currently in his late eighties. Despite his advanced age, he remains active in the business world, leveraging his wealth of experience to mentor emerging entrepreneurs and drive innovation.

Alan Patricof Family: Wife and Children

Alan Patricof has been married to his wife Susan for over 48 years. Together, they have three children and seven grandchildren. Family holds great importance to Patricof, and he credits his upbringing and heritage for shaping his values and work ethic.

Alan Patricof Height and Weight

While specific details about Alan Patricof’s height and weight are not readily available, his stature in the investment community is undeniable. Patricof’s impact transcends physical measurements, as he continues to leave a lasting legacy in venture capital and philanthropy.

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Also Read: Mike Markkula Net Worth 2024: How Much is the Former CEO of Apple Worth?

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

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Stephen M. Ross Net Worth 2024: How Much is the Chairperson of The Related Companies Worth?

Who is Stephen M. Ross?

Stephen M. Ross, the Chairperson of The Related Companies, is a distinguished figure in the real estate sector, renowned for his significant contributions and profound impact. Born on May 10th, 1940, in Detroit, Michigan, Ross embarked on his journey into real estate at a young age, demonstrating remarkable diligence and entrepreneurial spirit. Despite initially pursuing a career as a tax attorney, Ross soon discovered his genuine passion for real estate investment, laying the foundation for his illustrious career.

Stephen M. Ross Career

Ross’s career trajectory is marked by pioneering ventures and transformative projects. In 1972, he founded The Related Companies, which initially focused on subsidized low and moderate-income apartments. Over the years, Ross transitioned to higher-profile projects, including the iconic Hudson Yards development, valued at over $7 billion. His visionary approach and strategic partnerships have cemented his reputation as a prominent figure within the real estate industry.

Stephen M. Ross Net Worth

As of 2024, according to Celebrity Net Worth, Stephen M. Ross’s net worth stands at an impressive $10 billion, solidifying his status as one of the wealthiest individuals globally. Ross’s wealth accumulation is attributed to his unparalleled success as a real estate mogul, with an estimated annual income of nearly $700 million derived from royalties on his diverse property holdings. His continued involvement in the real estate sector, with ongoing projects in New Jersey and Florida, further contributes to his substantial net worth.

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Stephen M. Ross Age

Currently, Stephen M. Ross is 83 years old, born on May 10th, 1940. Despite his age, Ross remains actively engaged in his professional pursuits, demonstrating resilience and dedication to his craft.

Stephen M. Ross Family: Wife and Children

Ross’s personal life is characterized by familial bonds and enduring relationships. He is happily married to Kara Ross and is the proud father of four children. Ross’s commitment to family values underscores his holistic approach to life and business.

Stephen M. Ross Height and Weight

Physically, Stephen M. Ross stands at a height of 6 feet 2 inches (1.88m) and maintains a healthy body weight of around 72 kg. Despite his busy schedule, Ross prioritizes his health and well-being, engaging in activities such as volleyball and tennis.

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Also Read: Dave Ramsey Net Worth 2024: How Much is American Radio Personality Worth?

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