Saturday, December 4, 2021

Union Minister Sadanand Gowda says, pharmaceutical and medical device sectors will play pivotal role in achieving goal of USD 5 trillion economy

Chemicals and Fertilizers Minister Sadanand Gowda has said that pharmaceutical and medical device sectors will play a pivotal role in achieving the goal of a 5 trillion dollar economy. He said, the onset of COVID-19 has brought the world’s attention to India and recognised its capabilities as a global, reliable supplier of drugs and medical devices, ready to serve at the time of need. Virtually addressing a Workshop of selected applicants under Production Linked Incentive PLI Scheme for Bulk Drug and Medical Devices, Mr Gowda termed India as a major hub for Medical Devices and Diagnostics and mentioned that it has been serving more than 200 countries with its Pharma products.

He expressed confidence that India can manufacture not only Made in India products but also Made for the World products. The Minister stressed that as the pandemic exposed the global vulnerabilities of the supply chains in the pharmaceuticals sector and the Department of Pharmaceuticals launched the Production Linked Incentive Scheme for promoting Domestic Manufacturing of Bulk Drugs, with a financial outlay of 6 thousand 940 crore rupees across 53 APIs over 6 years. He said, pandemic has also brought up opportunities to become self-reliant in production of Active Pharmaceutical Ingredients APIs and Key Starting Materials KSMs, the building blocks of pharmaceuticals. Mr Modi said, the PLI scheme for the pharma and medical device sector will also improve affordability and accessibility of pharma products.

He called upon companies whose projects are approved under PLI to start their production as soon as possible. He said, the sooner production starts, the quicker India will be able to provide pharma and medical devices products to domestic and global markets at competitive rates.

CEO Niti Aayog Amitabh Kant, Secretary Pharmaceuticals S. Aparna and senior officers of the Ministry attended the workshop.

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