The pharma industry in India has the potential to achieve any set growth target, if all the stakeholders of the industry work together, absorb the global regulatory requirements and set it’s own regulatory and quality benchmark in the global pharma market, said Piyush Goyal, Minister of Commerce and Industry, Government of India, Ministry of Commerce and Industry. The minister was speaking at the inauguration session of India Pharma & India Medical Device 2021, via a virtual platform.
In his address, the Minister said that our global engagement in the pharma sector is barely three and a half per cent of the global trade. However, he said that numbers, problems should not limit the true potential of India’s pharma industry.
“We need to get out of the mindset of being very defensive in our approach, both within the country and our global engagements, rather we should absorb what we can learn from global experience and see how India can benefit from that,” he said.
He also stated that presently India has very good manufacturing practices (GMP) and the industry should collectively ensure that GMP is adopted and maintained to ensure high standards and meet the regulatory requirements of the world. He advised that this is inculcated in our day to day processes, whether we sell to India or internationally. This applies not only to medicines but also to medical devices, nurses, technicians, doctors.
The Minister also stressed that we can provide the world with the confidence that if there is anything to do with health, then India is the place to look at as a one-stop solution.