New Delhi [India], June 25 : The Indian pharmaceutical industry, often celebrated as the 'pharmacy of the world,' has been a steadfast contributor to the nation's economic growth and now the sector is moving very rapidly in MedTech and biosimilars technology, moving away from generic drugs.
"From generics, we are now moving very fast into biosimilars. We are moving equally fast in MedTech. And you will see that in the years to come, this industry will grow rapidly further, and most independent market-based research firms project the Indian pharma and MedTech industry as the industry with the best and the most glowing future," said Arunish Chawla, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers to ANI.
The MedTech (or Medical Technology) is a segment under the larger umbrella of healthcare systems. The segment focuses on designing and manufacturing a wide range of medical products/devices for diagnosis, prevention, monitoring, treatment and patient care.
However, biosimilars are similar biologic products that are similar to an approved reference biological product in terms of quality, safety, and efficacy. The formulation, route of administration, dose, and strength of biosimilars must also be similar to the reference product.
Chawla also stated that, according to a study in the United States 50 per cent of all generic drugs and 40 per cent of all prescription medicines were sourced from India.
"In a study done in the United States in 2022, it was found that 50 per cent of all generic drugs and 40 per cent of all prescription medicines were sourced from India," he said.
The Secretary also highlighted that the Indian pharma industry is growing double-digit year on year, and it has achieved the double-digit growth in real terms over the last 10 years.
He added that India has the highest number of WHO (World Health Organization) and US FDA (Food and Drug Administration)-certified plants. Nearly half the vaccines that WHO and UNICEF (United Nations Children's Fund) supply globally as part of their programmes are sourced from India.
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