Indian Pharma Sector Poised to Become Future World Hub
By ANI | Published: 17th February 2016 01:02 PM |
NEW DELHI: “The Centre is coordinating closely with the states to improve productivity,” said Hansraj Gangaram Ahir, Minister of Pharmaceuticals, Chemicals and Fertilizers.
Delivering the inaugural address at a seminar on ‘Indian Pharmaceuticals Industry – aligning with Make in India Vision’ at the mega Make In India event here, the minister promised constructive dialogue with industry to address all issues, including that of price control.
“All issues will be solved,” said Gangaram Ahir, adding that his ministry is working responsibly towards addressing all issues, including procuring land and environmental clearances. He lauded the efforts of the Maharashtra Government in improving the manufacturing and marketing climate in the state.”
“Highlighting the changes brought about by his government in the duty structure, he explained that earlier there was a difference in the duty between raw materials and finished goods. This has been changed. “We hope all industries will appreciate this,” he added.
Pankaj Patel, Senior Vice President, FICCI, Chair – FICCI Pharmaceutical Committee and Chairman and Managing Director, Zydus Cadilla, described the Make in India initiative as a timely response devised to transform India into a global designing and manufacturing hub.” This calls for a complete change in mindset, he observed. He lauded the industry for being a world leader in generic and pharmaceuticals, and a reliable supplier of affordable medicines.
“India has the largest number of USFDA-compliant plants.” He also disclosed that by 2020 the Indian pharmaceutical industry is poised to reach USD 55 billion, of which USD 30 billion will be for exports. The crucial factors to make this happen are affordability, strong infrastructure, and, most important, the ease of doing business.
“We need to think how to create ease of doing business without compromising quality and affordability,” he added.
The keynote address was presented by Dr V K Subburaj, Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India. Giving a historical perspective, he observed that until 1970 India was dependent on other countries for its pharmaceutical requirements.
“In 20 years’ time, by the ‘nineties, we became self sufficient to meet our Indian requirements.” India has now become a superpower as far as generic drugs are concerned. He further expressed confidence that India can become a USD 300 billion industry by 2030, quoting a FICCI report.
“This is a herculean task, but possible. We should reach this level.” He called for industry to sort out its problems, to achieve this milestone. He also discussed the need for innovation and infrastructure.
“If we concentrate on states where growth is less, we should be able to achieve the infrastructure requirements of the pharmaceutical industry,” he projected. He disclosed that the central government is working in close coordination with the state governments to achieve this.
Dilip Shanghvi, MD, Sun Pharmaceuticals delivered a special address. He called for focus on achieving compliance with global standards like PICS. “I see India as a potential pharmacy hub for the world,” he said, adding, “If we make a few changes in the way we do and manage business in India, we can accelerate that process.” He suggested that the regulatory framework be strengthened and brought on par with international practices.
Rajiv Modi, CMD, Cadilla Pharmaceuticals Ltd, while setting the context for the session, observed, “The pharmaceutical industry of India is staked to become a global manufacturing hub and a future global innovation hub.” He called for ‘brand pharmaceuticals made in India’ to be made as a punch line just like ‘brand India’.
“Make it a benchmark. Let Indian standards be escalated to be better than the best.” But he cautioned that among the major issues, there has to be a bold step towards abolishing price control. “Only then will the investor appreciate the return on investment.”
K G Ananthakrishnan, MD, MSD Pharmaceuticals Ltd, made closing remarks and delivered the vote of thanks. “The stage is set to take the pharmaceutical industry to the next level,” he said, appreciating the Government’s efforts to transform India into a global design and manufacturing hub.