- India is set to build 50 new pharmaceutical and Meditech manufacturing plants under the PLI scheme, boosting exports and innovation.
- Industry leaders emphasize the importance of policy reforms, affordable access to medicines, and advancing India's global role in the pharma and Meditech sectors.
Speaking at the Annual Pharma Summit 2024 organized by ASSOCHAM in New Delhi, Dr. Arunish Chawla, Secretary of the Department of Pharmaceuticals, stated that India is poised to establish 50 new manufacturing plants under the Production Linked Incentive (PLI) scheme in the next two years.
He emphasized that over 50 greenfield pharmaceutical and medical device plants have already been completed under the initiative, driving exports worth USD 10 billion to countries with stringent regulatory standards.
Dr. Chawla also highlighted key reforms in the pharmaceutical sector, emphasizing efforts to upgrade the regulatory framework and ensure quality across all pharma units. "India is already known as the pharmacy of the world, but our goal is to become a reliable pharmacy for the world," he said, pointing to the growing expansion of global pharmaceutical companies' operations in India.
Furthermore, he underscored the rising role of Contract Research Manufacturing and Development Organizations (CRDMOs) and the industry's shift from generics to biosimilars.
Dr. Chawla also outlined efforts to boost innovation through the newly launched Scheme for Promotion of Research and Innovation in the Pharma MedTech Sector (PRIP).
“We are energizing the ecosystem with innovation and policy reforms, many of which have already been implemented,” he stated.
In 2023, India balanced its pharmaceutical trade by exporting as many bulk drugs as it imported, and in the surgical and consumable sector, exports exceeded imports. From April to August 2024, pharma and Meditech became the fourth-largest manufacturing export sector, trailing only automobiles, petrochemicals, and electronics. In fact, nine of the top 25 generic drug firms are based in India, reflecting the country's increasing contribution to global healthcare.
Industry leaders echoed these sentiments at the summit. Ishteyaque Amjad, Chair of the ASSOCHAM Pharma & Biotech Council, emphasized maintaining affordable access to medicines without sacrificing quality. Nakul Verma, Co-Chair of the council, advocated for innovation-driven strategies to build on India’s strengths in the pharmaceutical sector. Neha Aggarwal, Partner at Deloitte India, stressed the critical role of technology and research funding in advancing India's contributions to the global pharma value chain. Azadar Khan, Senior VP at Sun Pharmaceutical Industries Ltd., affirmed the industry’s path toward sustained growth and development.
Edited by Harshajit Sarmah
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