Rs.3,000cr allocated for three bulk drug parks
The Indian Pharma Industry’s market size is expected to reach the US$130 billion by 2030 while the medical devices industry in India has the potential to reach US$50 billion by 2025, said D V Sadananda Gowda, Minister for Chemicals and Fertilizers.
“We are talking about two very high potential sectors of India in this event,” he said on 8 Feb 2021 in a curtain-raiser to the 6th edition of annual program on Pharmaceuticals & Medical Device sector – ‘India Pharma & India Medical Device 2021’ to be hosted 25-26 February and 1-2 March 2021.
“Healthcare continues to be an integral part of the Government’s priorities with emphasis on medicines at affordable rates, increasing the accessibility to diagnosis and treatment, boost local manufacturing of medical equipment and encouraging innovation to further reduce the cost of healthcare,” said Gowda.
The government through its various policies and schemes is encouraging the manufacturing of affordable medical devices and pharmaceutical under its ‘Make in India’ initiative. “The India Pharma 2021 & India Medical Device 2021 will lay the groundwork for the next wave of development,” he underlined.
The Minister also pointed out that India is a leading exporter of affordable generics and a major hub for medical devices and diagnostics. India has been serving more than 200+ countries and territories with its pharma products and will continue to discharge its responsibilities.
“We intend to continue formulating plans that are based on sound science, technology, business sense, and ethics. We continue to strive to increase the ease of doing business in India for which several measures have already been announced and continue to support domestic manufacturing through measures such as the Rs.400 crore impetus given for the creation of 4 world-class medical device parks, or the Rs.3,000 crore allocated for the creation of 3 major bulk drug parks.”
Mansukh Mandaviya, Minister of State for Chemicals and Fertilizers, informed that the industry has been given a platform to work closely with the government and together chart out a path of progress for the industry and the country.
The CEO’s Forum with the Minister is indicative of the positive approach which the Government has taken to work closely with the industry, he said.
The Government has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in Pharmaceuticals drugs for Enhancing India’s Manufacturing Capabilities and Enhancing Exports – Atmanirbhar Bharat. The Department of Pharmaceuticals (DoP), for promotion of domestic manufacturing of critical key starting materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs) had come out with production linked incentive (PLI) aiming to address the over-dependency on API imports from China which has been brutally exposed by the COVID-19 pandemic.
Under the scheme, which runs for six years starting with the base year of FY 2019-20, financial incentives will be provided based on the sales of pharma manufacturers for 41 products covering all of India’s required 53 APIs. The total incentive earmarked for the scheme is Rs.6,940 crore.
The introduction of the PLI Scheme for domestic manufacturing of medical devices with an outlay of Rs.3,420 crore has also made major huge strides in the sector and is expected to continue to support further.
The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, jointly with FICCI and Invest India is organizing the two mega events.
The theme for this year India Pharma is ‘Indian Pharma Industry – ‘Future is Now’ and for India Medical Device is ‘India MedTech Future: Innovate & Make in India through Global Alliance’. The Conference is being organized via virtual platform. #manufacturing #exports #investment #research /fiinews.com
