It is among the 10 top attractive sectors for FDI in the country
The pharma industry is expected to grow to $130 billion by 2030 while the medical devices industry has the potential to grow 28 per cent per annum to reach $50 billion by 2025, Minister for Chemicals and Fertilisers, DV Sadananda Gowda, said on Monday.
“The department of pharmaceuticals conceptualised this platform in 2015 and it is remarkable to see the stature of these programmes rise steeply in just five years,” Gowda said adding this year’s events will facilitate the exchange of ideas, sensitise about new products and disruptive technologies besides exploring possibilities of enhancing trade, investment and cooperation.
Following the pandemic, India has come under global spotlight for healthcare as the Indian industry has shown its role as a reliable supplier of drugs and medical devices at a time of need, Gowda said. He said during the sixth edition of the meet, the government plans release a white paper on Indian pharma industry’s future.
The recently introduced production-linked incentive (PLI) scheme in the pharmaceutical sector aims to address India’s overdependence on active pharmaceutical ingredients (API) imports from China. Under the scheme, which runs for 6 years starting with the base year of F20, 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 incentives earmarked for the scheme were ₹6,940 crore.
Similarly, the PLI scheme for domestic manufacturing of medical devices, with an outlay of ₹3,420 crore, has helped the country make major strides in the sector. Such interventions and incentives have played an instrumental role in realising the vision of “Aatmanirbhar Bharat”, the Minister said.