India is set to complete 50 new manufacturing plants under the Production Linked Incentive (PLI) scheme within the next two years, said Dr. Arunish Chawla, Secretary, Department of Pharmaceuticals, Government of India, speaking at the Annual Pharma Summit 2024, organised by ASSOCHAM in New Delhi.
Dr. Chawla emphasised that more than 50 greenfield pharmaceutical and medical device plants have already been completed under the scheme, catalysing exports worth USD 10 billion to countries with the highest regulatory standards.
During his address, Dr. Chawla highlighted the key reforms that have been introduced within the pharmaceutical sector. "We have upgraded the regulatory framework and are working hard to ensure quality across all pharma and drug units. India is already known as the pharmacy of the world, but our goal is to become a reliable pharmacy for the world," said Dr. Chawla, noting the growing presence of global pharmaceutical companies expanding their operations and value chains in India.
He also highlighted the increasing role of Contract Research Manufacturing and Development Organizations (CRDMOs) in India and the shift from generics to biosimilars. "India is the third-largest producer of drugs and pharmaceuticals by volume, and the fourth-largest in merchandise exports for drugs, pharma, and Meditech," Dr. Chawla added. Nine of the world's top 25 generic drug firms are based in India, and the country's contribution to global healthcare continues to grow.
Fostering Innovation and Exports Growth
Dr. Chawla discussed efforts to improve India's innovation framework, mentioning the newly launched Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP). "We are energising the ecosystem through innovation and policy reforms, and several of these reforms have already been notified," he said. He also highlighted that in 2023, India achieved a balance in its pharmaceutical trade by exporting as many bulk drugs as it imported, while in the surgical and consumable space, exports surpassed imports.
Pharma and Meditech exports have also seen remarkable growth, becoming the fourth-largest manufacturing export sector from India between April and August 2024. "After automobiles, petrochemicals, and electronics, pharmaceuticals and Meditech have become a major contributor to India's export economy," noted Dr. Chawla.
Industry Leaders Weigh In
Industry leaders also shared their insights at the summit. Ishteyaque Amjad, Chair of the ASSOCHAM Pharma & Biotech Council, highlighted the industry's focus on ensuring access to affordable medicines without compromising on quality. He also stressed the importance of addressing challenges in the pharmaceutical sector to sustain growth.
Nakul Verma, Co-Chair of the ASSOCHAM Pharma & Biotech Council, highlighted India's vast potential in pharmaceuticals, advocating for strategies that build on existing capabilities while adding value to the sector. He stressed the need for innovation and a forward-looking approach.
Neha Aggarwal, Partner at Deloitte India, elaborated on the critical role of technology, policy reforms, and research funding in fostering a robust innovation ecosystem in the country. She underlined that India must continue building its contributions to the global pharmaceutical value chain.
Also present at the event was Azadar Khan, Senior Vice President - Corporate Relations at Sun Pharmaceutical Industries Ltd., who echoed the sentiments of continued growth and development in the industry.
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