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New Delhi : Union Chemicals and Fertilisers Minister D V Sadananda Gowda on September 30, 2020 said that this is the best time to invest in Pharma and Medical device sector in India . Pharma sector is likely to grow in to 65-billion-dollar industry by 2024 and to 120 billion dollars by 2030 and Medical Devices industry to reach US $ 50 Billion by 2025, he said. Gowda was addressing the inaugural session of “CII Life Science Conclave 2020”, here.
He said, “Business friendly reforms carried out by Government have helped India emerge as one of the best investment destinations among emerging economies. Implementation of policies to promote financial inclusion and to check corruption and easing of compliance of labour laws and regulations have made India the best destination for investment. In 2018-19, India attracted FDI inflows of 73 billion dollar, up 18 % from previous year.”
The Union minister said ghat Indian pharma and medical device sector have immense potential to contribute towards making India a 5 trillion-dollar economy in next 4-5 year. In this backdrop, the Government of India is supporting development of three Bulk Drug and four Medical Device Parks with State of Art Infrastructure and world class Centres of Excellence across the country. The government will also provide Production Linked Incentives (PLI) to eligible new manufacturing units to ensure level playing field to domestic manufacturers, according to a PIB release.
Gowda highlighting the contribution of pharma industry during this testing time of covid-19 crisis said that Indian pharma and medical devices industry were able to rise to the occasion. The crisis is being turned into opportunities by supporting development of mega bulk drug and medical device park through mix of right policies. Prime Minister Narendra Modi himself has been personally involved in this right from initial stage of conception, he added. It is expected that these schemes of Union Government for development of bulk drug & medical device park will attract cumulative investment of Rs 78,000 crore and can generate about 2.5 lakh employment.
He said it is a matter of great pride for millions of Indians that from being a net importer, India became second largest producer of PPE Kits in the world with daily production capacity surpassing more than 5 lakh per day. Similarly, within a very short span of time, indigenous production capacity of ventilators has increased to 3 lakh per annum. “We have also achieved self-sufficiency in production of N-95 masks,” he added.
Gowda said that there is need for pharma industry to focus on R & D activities in order to remain one of the leading global suppliers of medicine. The full potential of growth cannot be fully tapped unless we come up with discovery of new drug. He expressed hope that Indian pharma sector will be among the first one to develop and supply low cost vaccine for covid-19.