More than 50 new greenfield manufacturing plants for pharmaceuticals and medical devices have been completed under the Production Linked Incentive (PLI) scheme. Another 50 new plants are expected to be completed within the next two years. These PLI plants have contributed to $10 billion in exports from India to countries with high regulatory standards, according to Dr Arunish Chawla, Secretary of the Department of Pharmaceuticals, Government of India. He made this announcement at the Annual Pharma Summit 2024, organised by ASSOCHAM in New Delhi.
During the event, Dr Chawla addressed the regulatory improvements and reforms within the pharmaceutical sector. “Many reforms have been done in both the regulatory framework and in the schemes. We are working very hard to upgrade the quality framework for all pharma and drug units. We want to make India not just a pharmacy of the world, but a reliable pharmacy of the world. All big pharma companies, global and multinational, are now expanding their footprint and their business in India and also locating their value chains here,” he stated.
Dr Chawla highlighted the growing presence of Contract Research Development and Manufacturing Organisations (CRDMOs) in India, emphasising that innovation and regulatory frameworks are steadily evolving. He reiterated India’s ambition to move from being a generic drug producer to developing biosimilars. “We want to be the reliable pharmacy of the world, so we are focusing on quality. That’s our mission. We have upgraded our regulatory frameworks. In addition to that, we are moving from the generics to the biosimilar space,” he said.
India remains the third-largest producer of drugs and pharmaceuticals by volume. Dr. Chawla pointed out that drugs, pharmaceuticals, and Meditech are the fourth-largest merchandise export sector from India, with nine of the top 25 generic firms located in the country. “Our contribution to humankind will increase going forward,” he added.
The Secretary also shared insights on India’s performance in bulk drugs, surgical and consumable exports. In the previous year, India exported as much bulk drugs as it imported, with more than half of the domestic production being exported. In the Meditech sector, surgical and consumable exports surpassed imports. Additionally, the country witnessed double-digit growth in rising sectors such as imaging devices, body implants, and in vitro diagnostics (IVDs).
From April to August, the Pharma and Meditech sector became India’s fourth-largest manufacturing export sector, following automobiles, petrochemicals, and electronics. Dr. Chawla confirmed this new standing during his speech at the summit.
Ishteyaque Amjad, Chair of ASSOCHAM Pharma & Biotech Council, brought attention to industry concerns, particularly the need to maintain affordability while ensuring high standards in medicine production. Mr. Nakul Verma, Co-Chair of the council, stressed India’s impressive potential in the sector, noting that the future depends on strengthening current capabilities and adding value to address challenges.
Neha Aggarwal, Partner at Deloitte India, spoke about the importance of building a strong innovation ecosystem to boost India’s role in the pharmaceutical value chain. She highlighted the role of technology, skill development, policies, and research funding in achieving this goal.
Other speakers at the summit included Azadar Khan, Senior Vice President of Corporate Relations at Sun Pharmaceutical Industries.
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