Written by : Jayati Dubey
September 27, 2024
Dr Chawla highlighted India’s position as the third-largest producer of drugs and pharmaceuticals by volume.
India is set to strengthen its pharmaceutical and medical device manufacturing capabilities, with 50 new plants expected to be completed over the next two years under the Production Linked Incentive (PLI) scheme.
During a recent event, Dr Arunish Chawla, Secretary of the Department of Pharmaceuticals, highlighted the significant progress already made, stating that more than 50 new greenfield manufacturing plants for pharmaceuticals and medical devices have been completed.
He emphasized that these PLI-supported plants have played a pivotal role in catalyzing $10 billion in exports from India to countries with the highest regulatory standards.
In his address, Dr Chawla underlined the government’s commitment to enhancing the regulatory and quality framework for the pharmaceutical sector.
"We are working hard to upgrade the quality framework for all pharma and drug units," he said. The goal, he added, is to establish India not just as the pharmacy of the world, but as the most reliable pharmacy.
Major pharmaceutical companies, both global and multinational, are expanding their operations in India, further integrating their value chains within the country.
Dr Chawla also noted the rise of Contract Research Development and Manufacturing Organizations (CRDMOs) in India, signaling growth in the research and development space.
India is already recognized as a global leader in the generics market, and the country is now moving into the biosimilars space, further diversifying its pharmaceutical offerings.
Dr Chawla highlighted India’s position as the third-largest producer of drugs and pharmaceuticals by volume. Pharmaceuticals and medical technology (MedTech) products have become the fourth-largest merchandise export from India.
"Nine of the top 25 generic pharmaceutical firms are based in India, and our contribution to global healthcare will only grow in the future," he added.
India has made significant strides in pharmaceutical exports, with more than 50% of the country's drug and pharma production being exported.
Dr Chawla further pointed out that in the surgical and consumable space, India's MedTech industry exported more than it imported in the past year.
Additionally, sectors such as imaging devices, body implants, and in vitro diagnostics (IVDs) experienced double-digit growth in exports.
The Indian government has also launched the Scheme for Promotion of Research and Innovation in the Pharma MedTech Sector (PRIP) to bolster innovation in the industry.
Dr Chawla stressed the importance of building a strong innovation ecosystem, noting that several reforms have already been implemented and more are in the pipeline.
"Our innovation and regulatory framework are also reforming incrementally," he said, adding that these efforts will further energize the sector.
India’s pharmaceutical and MedTech sectors have become significant contributors to the country’s export economy. From April to August, pharma and MedTech emerged as the fourth-largest manufacturing export sector after automobiles, petrochemicals, and electronics.
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