New Delhi: India is recognised as a global pharmaceutical hub with its industry playing a pivotal role in improving health outcomes worldwide by serving as a dependable supplier of affordable and high-quality drugs, Union Health Minister Mansukh Mandaviya said Monday.
Mandaviya interacted with representatives of Japanese pharmaceutical companies and members of the Japan Pharmaceutical Manufacturers Association (JPMA) at the Indian Embassy in Tokyo Monday.
JPMA’s director general Junichi Shiraishi and managing director Sachiko Nakagawa were present in the discussions, according to a Health Ministry statement.
Encouraging Japanese companies to take advantage of growing opportunities in the Indian market, Mandaviya said, “The pharmaceutical industry in India has been attracting a lot of investment from foreign companies and seeing partnerships and collaborations. This has opened up exciting opportunities for global pharmaceutical companies to enter the Indian market.”
He said the new production linked incentive (PLI) schemes have encouraged manufacturers to produce drugs in India, with the aim of supplying them to the global market.
Addressing the gathering, Mandaviya said, “India is recognised as a global pharmaceutical hub with its industry playing a pivotal role in improving health outcomes worldwide by serving as a dependable supplier of affordable and high-quality drugs.”
“India has played a significant role in enhancing global accessibility by providing approximately 60 per cent of the global vaccine supply and 20-22 per cent of generic exports,” he said.
In the battle against the COVID-19 pandemic, India has supplied essential drugs to around 185 countries, he said.
The minister said the Indian pharmaceutical industry has primarily focused on manufacturing generic medicines, exporting bulk drugs and supplying active pharmaceutical ingredients.
“The Indian pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units. It is projected to reach a value of $ 130 billion by 2030,” he said.
He said three bulk drug parks are coming up to create a robust ecosystem for pharmaceutical manufacturing.
“To promote research and development in the pharmaceutical sector, the Indian government has established six national institutes of pharmaceutical education and research and designated them as ‘institute of national importance’.
“In 2019, the launch of the New Drugs and Clinical Trial Rules further contributed to the growth of the clinical trial sector, with many choosing India as a site for global clinical trials,” Mandaviya said.
He said that globally, research and innovation in the field of bio-pharmaceuticals have become key drivers for growth in the life sciences sector, particularly with the rising prevalence of biologics and biosimilars and highlighted that “in India, the bio-pharmaceutical sector has achieved an impressive five-year compound annual growth rate (CAGR) of 50 per cent and is projected to continue thriving”.
Informing about the growing demand for Indian traditional medicines, Mandaviya noted that the government has initiated efforts to integrate traditional medicines and phyto-pharmaceuticals into mainstream public practices.
With India’s rich biodiversity and abundance of flora and fauna, there is immense potential to incorporate phytopharmaceutical products into the global value chain, the minister said.
“Strengthening research and development and innovation is vital to gain global recognition for these medicines,” he stressed.
Mandaviya also invited Japanese collaboration on research and innovation in emerging innovative therapies and technologies such as precision medicine, cell and gene therapy, biological products, and on the utilization of digital tools.
He said such collaboration on research and innovation would help enhance the domestic availability and affordability of these innovative therapeutic options.
PTI
