Tokyo [Japan], May 15 : Union Minister of Health and Family Welfare Mansukh Mandaviya here on Monday said India is recognized as a global pharmaceutical hub, with its industry playing a pivotal role in improving health outcomes worldwide by serving as a dependable supplier of affordable and high-quality drugs.
Mandaviya said this while interacting with representatives of Japanese Pharma Companies and members of the Japan Pharmaceutical Manufacturers Association (JPMA) at the Indian Embassy in Tokyo, according to an official release.
JPMA Director General Junichi Shirais and Managing Director Dr Sachiko Nakagawa also took part in the interaction.
"India has played a significant role in enhancing global accessibility by providing approximately 60 per cent of the global vaccine supply and 20-22 per cent of generic exports. In the battle against the COVID-19 pandemic, India has supplied essential drugs to around 185 countries," Mandaviya said while addressing the gathering.
The Union Health Minister said that the Indian pharmaceutical industry has primarily focused on manufacturing generic medicines, exporting bulk drugs, and supplying active pharmaceutical ingredients.
"The Indian pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units. It is projected to reach a value of USD 130 billion by 2030", he said.
He further stated that: "Three Bulk Drug Parks are coming up to create a robust ecosystem for pharmaceutical manufacturing. To promote research and development in the pharmaceutical sector, the Indian government has established six National Institutes of Pharmaceutical Education and Research and designated them as 'Institutes of National Importance'. In 2019, the launch of the New Drugs and Clinical Trial Rules further contributed to the growth of the clinical trial sector, with many choosing India as a site for global clinical trials".
Encouraging Japanese companies to take advantage of growing opportunities in the Indian market, Mandaviya stated that "The pharmaceutical industry in India has been attracting a lot of investment from foreign companies and seeing partnerships and collaborations. This has opened up exciting opportunities for global pharmaceutical companies to enter the Indian market, as per the official release.
"The new Production Link Incentive (PLI) schemes have also encouraged manufacturers to produce drugs in India, with the aim of supplying them to the global market," Mandaviya said.
He informed that globally, research and innovation in the field of biopharmaceuticals have become key drivers for growth in the life sciences sector, particularly with the rising prevalence of biologics and biosimilars and highlighted that "In India, the bio-pharmaceutical sector has achieved an impressive 5-year Compound Annual Growth Rate (CAGR) of 50% and is projected to continue thriving".
Informing about the growing demand for Indian traditional medicines, Mandaviya noted that "The government has initiated efforts to integrate traditional medicines and phytopharmaceuticals into mainstream public practices. With India's rich biodiversity and abundance of flora and fauna, there is immense potential to incorporate phytopharmaceutical products into the global value chain".
He stressed: "Strengthening R&D and innovation is vital to gain global recognition for these medicines."
The Union Health Minister also invited Japanese collaboration on research and innovation in emerging innovative therapies and technologies like precision medicine, cell and gene therapy, biological products, and on the utilization of digital tools.
He said that "Such collaboration on research and innovation would help enhance the domestic availability and affordability of these innovative therapeutic options".
The meeting was also attended by Vishal Chauhan, Joint Secretary, Health Ministry; Mr Sunao Manabe, Representative Director, Executive Chairperson & CEO, Daiichi Sankyo Co., Ltd; Dr Osamu Okuda, Representative Director, President & CEO, Chugai Pharmaceutical Co., Ltd; Mr Daikichiro Kobayashi, President, Meiji Seika Pharma Co., Ltd; Mr Hiroyoshi Tosa, President & Representative Director, Otsuka Chemical Co., Ltd; and other officials of the Union government.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor