According to Viranchi Shah, National Chairman of Indian Drug Manufacturers Association (IDMA), the Production Linked Incentive Scheme (PLI) and cluster manufacturing are contributing to the growth of the pharmaceutical industry.
Speaking to reporters at the inauguration of three pharmaceutical trade shows Analytic Anacon India, India Lab Expo and Pharma Pro & Pack Expo at the Hitex Exhibition Center here on Thursday, Shah said LIP and cluster manufacturing will reduce our reliance on regard to imported drugs.
“When India completes 100 years of independence, in 2047, the pharmaceutical industry will be a $500 billion industry. PLI 1.0 and 2.0 are essential for India to achieve this goal,” he said. he said, adding that IDMA was working closely with the Indian government on PLI 2.0”, he added.
Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance (IPA), said India’s pharmaceutical industry, currently valued at $49 billion, is expected to grow to $130 billion by 2030.
“Our medicines are supplied to more than 200 countries,” he said, adding that the industry should focus on innovation, self-reliance, export market diversification and capacity building to be ready for the future.
R Uday Bhaskar, Managing Director of Pharmexcil, said the future for the pharmaceutical and related industries is bright, but there are also challenges. “Any export will depend on the import policies of other countries. There is a need to streamline the industry, especially in terms of regulation. Different countries have different regulations,” Bhaskar said.
September 15, 2022