NEW DELHI: India is recognized as a global pharmaceutical hub, with its industry playing a pivotal role in improving health outcomes worldwide by serving as a dependable supplier of affordable and high-quality drugs, said Union Health Minister Mansukh Mandaviya on Monday.
“The Indian pharmaceutical industry includes a network of 3,000 drug companies and 10,500 manufacturing units. It is projected to reach a value of $130 billion by 2030,” he said while interacting with Japanese pharma companies and members of the Japan Pharmaceutical Manufacturers Association (JPMA), at the Indian Embassy in Tokyo.
“India has played a significant role in enhancing global accessibility by providing approximately 60% of the global vaccine supply and 20-22% of generic exports. In the battle against the COVID-19 pandemic, India has supplied essential drugs to around 185 countries,” said the minister, who is visiting Japan to attend the G7 Health Ministers’ Meeting.
The Indian pharmaceutical industry has primarily focused on manufacturing generic medicines, exporting bulk drugs, and supplying active pharmaceutical ingredients. Highlighting that three Bulk Drug Parks are coming up to create a robust ecosystem for pharmaceutical manufacturing, he said inorder to promote research and development, the Centre has established six National Institutes of Pharmaceutical Education and Research and designated them as ‘Institute of National Importance.
In 2019, the launch of the New Drugs and Clinical Trial Rules further contributed to the growth of the clinical trial sector, with many choosing India as a site for global clinical trials, said the health minister.
Encouraging Japanese companies to take advantage of growing opportunities in the Indian market, the health minister, the ministry stated that the pharmaceutical industry in India has been attracting investment from foreign firms. Such collaboration on research and innovation would help enhance the domestic availability and affordability of these innovative therapeutic options.