The Indian pharmaceuticals industry needs to move from ‘volume’ to ‘value’ leadership to capture global market, Union minister for Chemicals & Fertilizers, Mansukh Mandaviya said during an interactive session with Indian Pharmaceutical Alliance. Mandaviya also said that the government will strengthen the sector through streamlining policies and effective schemes such as the PLI which support cutting edge research.”
At the interaction, the Minister asked homegrown firms to learn from global best practices and develop own models to meet domestic demand while increasing international footprint. He said, “It is time to accumulate knowledge from global best practices in research, manufacturing and innovation and develop our own models focused on accelerating production to meet the domestic demand while increasing our global footprint.”
The minister also pushed for making the pharmaceutical sector leapfrog in its growth trajectory in the upcoming years. “We already have the required ‘man power and brand power’ and Indian companies today are at an inflexion point to capture top global positions,” he said.
Stating that India has been acknowledged as “pharmacy of the world” based on its generic medicines production and the volume share in global market, Mandaviya said it is time to move ahead and capture the top global positions based on the value too.
“Let us learn from global best practices, and develop our own models for meeting domestic demand while increasing global footprint,” he added.
Reiterating the importance of long-term policies which provide stability to the industry, the minister emphasised that the government is committed to supporting the pharma companies with industry-friendly policies and investor promoting ecosystem.
“This government believes in taking a holistic approach. Our policies are based on extensive and comprehensive stakeholder consultation which provide the basis for comprehensive, long -term and vibrant policy ecosystem, he asserted.
The meeting was held at Delhi to discuss India’s Pharma Vision 2047 and the roadmap for the Indian pharma sector.