: Mumbai, April 15, 2022

Union Commerce & Industry Minister Shri Piyush Goyal has urged the Indian Pharmaceutical industry to work towards becoming the healthcare custodian of the world. 

Speaking at the 'Indian Pharma - Global Health Care' Diamond Jubilee Conclave  of the Indian Drug Manufacturers' Association (IDMA) in Mumbai today, Shri Goyal said that India is  already recognized as the 'pharmacy of the world'. "Diamond Jubilee is a good time to reflect on our achievements and also to plan for the future. It's extremely important that we focus not only on our strengths in the generic sector, but also ensure our backward and forward linkages. lt's important that we try product development, break new grounds" Shri Goyal said.

The Minister spelt out three mantras to economic success: Focus on innovation, Stress on quality and Work with the world market. "International competitiveness will be very important. It is important to keep abreast of new developments and good manufacturing practices” he added.

Shri Goyal further urged the 750 large pharma companies of the country to hand hold the smaller companies and help them become quality manufacturers of good products. He suggested that the GMP (Good Manufacturing Practices) companies may create a fund for this purpose and work out how in a defined time frame we can ensure that the entire pharma industry of India necessarily works with good manufacturing practices.

Referring to the recently concluded FTAs with UAE and Australia, Shri Goyal stated s that the Government has created the pathway for easier approval of their products.  "For the first time ever, we have been able to bring in some game changing decisions in the agreements which focuses on non-technical barriers". It is particularly of benefit to the pharma industry, he added and hoped that the industry will be able to use these new agreements for faster approvals. He also noted that the Government has come up with many schemes like the PLI for APIs and for medical devices.

"We have strengthened India's IPR regime. Our domestic patent filing has been more than international filing for the first time in 11 years". Referring to this as a good sign, the Minister said, "Patent applications have increased four times than what it used to be 7-8 years ago".

The Minister noted that India's pharma industry is the fifth largest contributor in exports, having touched 25 billion dollars in March 2022. "The phenomenal growth that we have seen in the last 10 years should be carried forward to ensure that we become self reliant, as global supply chains are becoming more and more unpredictable" he added.

Shri Piyush Goyal complimented India's Pharma Industry for demonstrating utmost positivity amidst adversity caused by the Covid pandemic, by ensuring success of India's massive vaccination drive and also for supplying vaccines and medicines to over 200 countries.

The Minister’s speech may be accessed in this link.

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