Union Minister for Health and Family Welfare and Chemicals and Fertilizers Dr Mansukh Mandaviya yesterday inaugurated and addressed the Investor Summit – “Opportunities and Partnerships in Pharmaceuticals & Medical Devices” via video conferencing. The summit was organised by Department of Pharmaceuticals (DoP), in partnership with Invest India as part of the vision to further strengthen India’s position globally in terms of pharmaceuticals and medical devices.
Speaking at the conference, he said that during COVID, India supplied medicines to more than 150 countries of the world. It shows that pharma industry is not just a business in India, but it is connected with our sentiments. It is not governed with only profit motive, but is guided by the Indian philosophy of “Vasudhaiv Kutumbkam.”
He also said that under the Make in India project, Prime Minister Narendra Modi has invited investors from all across the world to invest in India. He assured investors that they will be treated fairly in India, given its robust regulatory mechanism, independent judiciary and democratic form of government.
The minister further said that under the able leadership of the Prime Minister, India strives to become the best investment destination in the world for pharma sector. The sector has witnessed a substantial increase in investments. FDI increased 98 per cent year on year in 2020 and pharma exports from India grew by 18 per cent in the last financial year.
Enlisting the various policies, schemes and initiatives of the government to encourage pharma industries, he also said that Production Linked Incentive (PLI) scheme for the pharma sector will give a boost to the industry and has potential to make India a pharma hub. He underlined the fact that India is going to become a huge market for medicines and medical devices. He added that under Ayushman Bharat-PMJAY, 10 crore families will benefit. This will create demand for more drugs and medical devices, which will benefit the pharma industries in India.
Welcoming all the industry captains and investors, Secretary, DoP said that with proven quality manufacturing capabilities and constant support of the government, India is poised to achieve the vision of Atmanirbhar Bharat in pharma sector.
Senior officers of the DoP and Invest India were present at the event.