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Union Minister Jitin Prasada Calls for Innovation and Collaboration in India’s Pharmaceutical Sector
- By Newsdesk
- New Delhi
- Aug 28, 2024
Union Minister Jitin Prasada has called on India's pharmaceutical industry to prioritize innovation, enhance quality, and strengthen global collaborations to maintain its leadership in the global market. He emphasized the need for large pharmaceutical companies to mentor smaller firms, helping them evolve into quality manufacturers.
"Focusing on innovation, prioritizing quality, and engaging with the global market are essential for international competitiveness," said Prasada, Union Minister of State for Commerce and Industry. "Staying updated on new developments and adhering to good manufacturing practices is crucial. Larger pharmaceutical companies should support smaller ones in becoming top-notch manufacturers."
Prasada's remarks came during the inauguration of the International Pharma and Healthcare Exhibition (IPHEX 2024), a three-day event organized by the Pharma Export Promotion Council of India (PHARMEXCIL) and the Ministry of Commerce and Industry. He highlighted India's role as the "pharmacy of the world" and urged the sector to leverage its strengths in generics while focusing on product development and reinforcing supply chain linkages.
"The Indian pharmaceutical sector significantly contributes to the nation’s GDP. From FY14 to FY24, exports have grown from USD 14.9 billion to USD 27.9 billion, marking an impressive 90 percent increase. With the current market size at USD 50 billion, including exports, the industry is poised to expand to USD 120-130 billion by 2030, capitalizing on new growth opportunities," Prasada added.
S.V. Veeramani, Chairman of PHARMEXCIL, noted that IPHEX provides a crucial platform for domestic and international industry leaders to network and explore business opportunities. "The three-day expo will allow participants to meet with new and existing customers who are actively seeking new suppliers and evaluating ongoing projects," he said.
K. Raja Bhanu, Director General of PHARMEXCIL, added that over 400 buyers from across the globe are expected to attend, with the aim of increasing access to quality and affordable generics worldwide.