Gowda sees Rs.78,000cr investments in bulk drug-medical parks
This is the best time to invest in Pharma and Medical device sector in India which is likely to grow into US$65 billion industry by 2024 and to US$120 billion by 2030 while the Medical Devices industry is seen at US$50 billion by 2025.
Making the investment call at the Inaugural Session of “CII Life Science Conclave 2020” on 1 Oct 2020, Chemicals and Fertilizers Minister DV Sadananda Gowda highlighted the Government’s business-friendly reforms that have helped India to 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 has made India the best destination for investment, he stressed.
In 2018-19, India attracted FDI inflows of US$73 billion, up 18% from the previous year.
The Indian pharma and medical device sector have immense potential given that the Government is supporting the development of three Bulk Drug and four Medical Device Parks with Centres of Excellence across the country, said the Minister.
The Government will also provide Production Linked Incentives (PLI) to eligible new manufacturing units to ensure a level playing field to domestic manufacturers.
Highlighting the contribution of the pharma industry during the COVID-19 crisis, he pointed out that the Indian pharma and medical devices industry turned the crisis into opportunities by supporting the development of mega bulk drug and medical device park through a mix of right policies.
The development of bulk drug and medical device parks will attract cumulative investment of Rs.78,000 crore.
Gowda also called on the pharma industry to focus on R&D activities in order to remain as one of the leading global suppliers of medicines.
“The full potential of growth cannot be fully tapped unless we come up with the discovery of a new drug or repurposing in India.”
The Minister hoped for the Indian pharma sector to be among the first ones to develop and supply low-cost vaccines for COVID-19.
He appreciated the efforts of the CII Life Sciences conclave for providing the necessary platform for stakeholders across the world to converge and embed their ideas to help usher in a new era of competitiveness of the Indian pharma segment in the post-COVID-19 world. #pharmaceuticals #health #devices #solutions #exports #manufacturing #investment /fiinews.com
