PLI Scheme for the Pharma Sector will give a Boost to the Industry and has Potential to make India a Pharma Hub

· FDI increased 98% year on year in 2020. Pharma exports from India grew by 18% in the last financial year

· Dr. Mansukh Mandaviya Inaugurates and addresses the Investor Summit - “Opportunities and Partnerships in Pharmaceuticals & Medical Devices”

· Pharma Industry is not just a Business in India; it is Connected to our Sentiments and Guided by the Philosophy of Vasudhaiv Kutumbkam

Union Minister for Health and Family Welfare and Chemicals & Fertilizers Dr. Mansukh Mandaviya on 27 October, 2021 inaugurated and addressed the Investor Summit - “Opportunities and Partnerships in Pharmaceuticals & Medical Devices” via video conferencing. The summit was organized by Department of Pharmaceuticals, in partnership with Invest India as part of the vision to further strengthen India’s position globally in terms of Pharmaceuticals and Medical Devices.

Expressing his happiness, Dr. Mandaviya said that India is rightly called the pharmacy of the world. It is the largest manufacturer and supplier of the generic medicines. During COVID, it supplied medicines to more than 150 countries of the world. It shows that pharma industry is not just a business in India; it is connected with our sentiments. It is not governed with only profit motive but is guided by the Indian philosophy of “Vasudhaiv Kutumbkam”.

He said that under Make in India Project, Prime Minister Shri Narendra Modi has invited investors from all across the world to invest in India. He assured investors that they will be treated fairly in India, given its robust regulatory mechanism, independent judiciary and democratic form of Government. He said that under the able leadership of Prime Minister, India strives to become the best investment destination in the world for pharma sector. The sector has witnessed a substantial increase in investments. FDI increased 98% year on year in 2020. Pharma exports from India grew by 18% in the last financial year.

Enlisting the various policies, schemes and initiatives of the government to encourage pharma industries, Dr. Mandaviya said that Production Linked Incentive (PLI) scheme for the pharma sector will give a boost to the industry and has potential to make India a pharma hub. He underlined the fact that India is going to become a huge market for medicines and medical devices. He added that under Ayushman Bharat-PMJAY, 10 crore families will benefit. This will create demand for more drugs and medical devices, which will benefit the pharma industries in India.

Welcoming all the industry captains and investors, Secretary, Department of Pharmaceuticals said that with proven quality manufacturing capabilities and constant support of the government, India is poised to achieve the vision of Atmanirbhar Bharat in Pharma sector.

Senior officers of the Department of pharmaceuticals and Invest India were present at the event.