PLI scheme to spur growth in pharma sector
Visakhapatnam: The Production-Linked Incentive (PLI) scheme of the Central government for pharmaceuticals would accelerate further growth in the pharma sector, according to the Joint Secretary-Department of Pharmaceuticals.
Addressing Pharma Mart 2021 conference `Pharma manufacturing industry: Challenges and opportunities’ organised by the Confederation of Indian Industry (CII) through virtual mode here on Thursday, he said that the Government had adopted a facilitative approach towards the pharma industry to comply with various regulations.
Medical devices and bulk drugs would have greater opportunities for industry in the days ahead, he felt.
Director, Aurobindo Pharma Ltd., M. Madan Mohan Reddy, in his special address, said that the Indian pharma industry had great potential to export given the size of the pharma market across the globe. Referring to opportunities in the Pharma sector he said that Biosimilars and vaccines have greater advantage for industry in India. He felt that India leads the way with the highest number of approved biosimilars. Fermentation products would also have great demand in the coming days, he stated.
He also observed that there had been an increasing trend of contract manufacturing. Several Multinational companies were choosing contract manufacturing to establish their base and to take the cost advantage in India. He emphasized on the sustainability of growth in the Pharma sector. He was of the view that continuous collaboration between Industry and University is essential for developing new products.
Conference Chairman CII Andhra Pradesh Pharma Mart 2021& CEO, Ajinomoto Bio-Pharma Services India Pvt Ltd., KVV Raju said that the conference would provide a forum for the Pharma fraternity to deliberate on the roadmap for accelerating growth in the pharma sector. He said that the Indian pharmaceuticals market had characteristics that make it unique. Initially the branded generics dominate, making up for 70 to 80 per cent of the retail market.
Secondly, the local players had enjoyed a dominant position driven by formulation development capabilities and early investments, he felt.
Chairman of CII Andhra Pradesh and Executive Chairman, Vijay Nagar Biotech Pvt Ltd., D. Tirupathi Raju who welcomed the gathering said that the strength of the Andhra Pradesh pharma industry lay in its strong base with established pharmaceutical organizations and strong Research & Development centers. The Pharma City at Visakhapatnam is offering immense opportunities for industries in Andhra Pradesh, he noted.
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