50 new plants will be completed in two years under the PLI scheme: Dr. Arunish Chawla, Secretary, Pharmaceuticals
New Delhi: The upcoming 50 new plants in the PLI scheme will be completed in the next two years. More than 50 new greenfield manufacturing plants for pharmaceuticals and medical devices have already been completed. The PLI plants have catalyzed 10 billion dollars of exports from India to countries with the highest regulatory standards, said Dr. Arunish Chawla Secretary Department of Pharmaceuticals Government of India at Annual Pharma Summit 2024organised by ASSOCHAM today at New Delhi.
While addressing the event, Dr. Arunish Chawla, Secretary Department of Pharmaceuticals said, many reforms have been done in both the regulatory framework and in the schemes. We are working very hard to upgrade the quality framework for all pharma and drug units. We want to make India not just a pharmacy of the world, but a reliable pharmacy of the world. The all-big pharma companies, global and multinational companies are now expanding their footprint and their business in India and also locating their value chains here.
In addition to that, a huge number of CRDMO (Contract Research Manufacturing and Development Organizations) are coming up in India. Our innovation and regulatory framework are also reforming incrementally. India is already called the pharmacy of the world. We want to be the reliable pharmacy of the world, so we are focusing on quality, that’s our mission. We have upgraded our regulatory frameworks. In addition to that, we are moving from the generics to the biosimilar space.
Dr. Arunish Chawla further highlighted that we are the third largest producer of drugs and pharmaceuticals by volume. Drugs and Pharma and Meditech is the fourth largest merchandise export from India. Nine out of top 25 generic firms are located in India. And going forward, our contribution to humankind will increase.
We are improving our innovation framework. We have already taken a large number of reforms. Some of these reforms have been notified. A Scheme for Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) has been launched and going forward, this ecosystem will energize further, said Dr. Chawla.
In the closing year, India exported as much bulk drugs as it imported from abroad. Last year, more than 50% of the drug and pharma produced in the country was exported. In the closing year, in the surgical and consumable space, the Indian Meditech industry exported more than what the country imported. In other rising sunrise sectors like imaging devices, body implants, in vitro diagnostics (IVDs), achieved double digit growth and exports grew more than double digits.
In April to August, the Pharma and Meditech has become the fourth largest manufacturing export from India. So, after automobiles and automotive sector, petrochemicals and petroleum products, electronics, pharma and Meditech is now officially the fourth largest sector for merchandise exports, mentioned Dr. Chawla.
Mr. Ishteyaque Amjad, Chair, ASSOCHAM Pharma & Biotech Council, brought in the industry outlook while addressing the ASSOCHAM Annual Pharma Summit 2024. He opened with concerns about the industry’s direction, emphasizing the need for affordable medicines while maintaining high standards.
Mr. Nakul Verma, Co – Chair, ASSOCHAM Pharma & Biotech Council, highlighted India’s impressive potential in pharmaceuticals, stressing that the future depends not only on strengthening existing capabilities but also on adding value and tackling challenges ahead.
Ms Neha Aggarwal, Partner Deloitte India talked about building a robust innovation ecosystem in India and boosting the country’s contributions towards the pharmaceutical value chain. She discussed the role of technology, skill building, effective policies, research funding, and more in creating the strategy to achieve the same.
Others who also spoke during the conference were Mr. Azadar Khan Senior Vice President – Corporate Relations Sun Pharmaceutical Industries Ltd.