Govt adopted a facilitative approach under PLI scheme for Pharma sector

CII organized a Conference on Pharma Mart 2021 with a theme focusing on “Pharma Manufacturing Industry: Challenges and Opportunities”

Govt adopted a facilitative approach under PLI scheme for Pharma sector

New Delhi: Confederation of Indian Industry organized a Conference on Pharma Mart 2021 with a theme focusing on “Pharma Manufacturing Industry: Challenges and Opportunities” through hybrid mode today.

Addressing the industry in Andhra Pradesh through virtual mode, Dr N Yuvaraj, IAS., Joint Secretary, Department of Pharmaceuticals, Government of India stated that Production Linked Incentive (PLI) scheme for Pharmaceuticals would accelerate further growth in the sector. The Government has adopted a facilitative approach towards pharma industry to comply with various regulations. 

Speaking on the opportunities he said that medical devices and bulk drugs will have greater opportunities for industry in the days ahead. 

Mr M Madan Mohan Reddy, Director, Aurobindo Pharma Ltd in his special address said that Indian pharma industry has great potential to export given the size of pharma market across the globe. Referring to opportunities in Pharma sector Mr M Madan Mohan Reddy said that Biosimilars and vaccines have greater advantage for industry in India. He felt that India leads the ways with the highest number of approved biosimilars. Fermentation products will also have great demand in the coming days, he said. 

He also mentioned that there has been increasing trend of contract manufacturing. Several Multinational companies are choosing the contract manufacturing to establish their base and to take the cost advantage in India. He emphasized on the sustainability of growth in Pharma sector. He was of the view that continuous collaboration between Industry and University is essential for developing new products.

Mr KVV Raju, Conference Chairman CII Andhra Pradesh Pharma Mart 2021& CEO, Ajinomoto Bio-Pharma Services India Pvt Ltd stated that Conference provide forum for Pharma fraternity to deliberate on the roadmap for accelerating growth in pharma sector. He said that Indian pharmaceuticals market has characteristics that make it unique. Initially the branded generics dominate, making up for 70 to 80 per cent of the retail market. Secondly, the local players have enjoyed a dominant position driven by formulation development capabilities and early investments, he felt. 

Mr D Tirupathi Raju, Chairman, CII Andhra Pradesh & Executive Chairman, Vijay Nagar Biotech Pvt Ltd in his Welcome remarks said that the strength of the Andhra Pradesh pharma industry lies in its strong base with established pharmaceutical organizations and strong Research &Development centres. The Pharma City at Visakhapatnam is offering immense opportunities for industries in Andhra Pradesh.