The Union Minister for Chemicals and Fertilizers Shri DV Sadananda Gowda has said India is one of the largest manufacturers and exporters of generic medicines across the world, addressing the virtual Latin America & Caribbean session on ‘Reimagining Distances’, during LEADS 2020, organized by FICCI. During the initial stage of the pandemic outbreak when HCQ and Azithromycin were referred for COVID-19 treatment India supplied these medicines to more than 120 countries across the world.
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Currently, India is exporting Pharma products worth $20 billion to various countries including high standards complying countries like US and Europe from its various US-FDA compliant Pharma plants. India has the largest number of US-FDA compliant Pharma plants more than 262 including APIs. He added the Pharma sector growth is expected to $65 billion by 2024. Three bulk drug parks and four medical devices parks across country is proposed to be launched. Production Linked Incentive (PLI) Scheme will be awarded to the new manufacturers which gives financial incentives on basis of their sales for first 5-6 years. Shri Gowda emphasized this is the right time to invest in India and to set up a manufacturing base in the Indian Pharma Sector either by Joint Venture or individual investment with an easy access to domestic Indian market, US, Japan, EU and South East Asian markets.
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The market size of Chemicals & Petrochemicals sector in India is around $165 billion and is expected to be $300 by 2025. To meet the demand, India needs 5 crackers by 2025 and 14 additional by 2040 each requires an investment of $65 billion. The minister said reforms are being made and the government is thinking of incentives like Pharma sector. The minister highlighted the need for collaboration for the development of alternative fertilizers as a measure to reduce the requirement and usage of Chemical fertilizers. Nano fertilizer is one suggestion.
India to become hub of pharma industry and medical devices, millions of jobs to be created