Hari Shankar Bhartia was speaking after receiving the award for “Positive impact on the industry,” at the 7th BioSpectrum awards presentation ceremony, organised here on Tuesday.

“India, because of its people, has the potential to be more than just a location for outsourcing research. But in order to do this, our country needs to develop its intellectual property,” he said.

“For this, the development of business models that allow partnership between firms is essential,” the managing director said and added, the west is a little ahead in this.

Also essential for the development of India’s research services sector, is a revision of obsolete regulatory procedures currently in place, which can retard retard research, said Biocon chief, Kiran Mazumdar-Shaw, on the occasion.

Group Editor BioSpectrum Narayan Suresh was also  present.