New Delhi [India], September 27 : The Indian pharmaceutical industry is rapidly becoming a key pillar of the nation's economy, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.
Speaking on the occasion of the 10th anniversary of the Make in India initiative, Chawla highlighted the tremendous growth of the sector.
Chawla said, "We are working on a lot of fronts; many ideas have come up; quality is our mission. We want to make India a reliable pharmacy of the world."
He added, "Pharma industry is the rising tiger of the Indian economy. We want to make India a reliable pharmacy of the world. Today, we have completed 10 years of Make in India initiative. Make in India has been a huge success."
One of the most significant drivers behind this growth has been the Production-Linked Incentive (PLI) scheme, which has boosted domestic manufacturing in both the pharma and medical technology sectors.
Chawla said, "The PLI scheme in the pharma and medical-tech sectors has been a roaring success. 50 greenfield plants in the pharma and medical-tech sectors have started operating and 50 more are in the pipeline. We have increased our exports and grown double year-on-year."
This initiative has not only strengthened India's manufacturing base but also attracted significant global attention. " All big global pharma companies are expanding their footprint in India and locating their value chains here," Chawla added, underscoring India's growing importance in the global pharmaceutical supply chain.
Chawla also celebrated a major milestone for the Indian pharma industry, which officially became an export-oriented industry last year.
He stated, "Last year the Indian pharma industry officially became an export-oriented industry because we have exported more than 50 per cent of our output."
In addition to the success of the PLI scheme, the Indian pharma sector is witnessing the rise of Contract Research, Development, and Manufacturing Organisations (CRDMOs).
Chawla emphasised, "In addition to this, a huge number of CRDMOContract Research Manufacturing and Development Organisations are coming up in India. our innovation and regulatory framework are also reforming incrementally. Pharma industry is the rising tiger of the Indian economy."
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