India invites Japanese firms to invest in its pharma and medical devices industry
Pharma Secretary highlights that India has taken several initiatives to offer a huge opportunity to the investors
A webinar on ‘Medical Devices and API sector: Challenges & Emerging Opportunities’ was held on May 22, 2020, for business and trade collaboration between India and Japan in the post-COVID-19 scenario. The webinar was organised by the Embassy of India, Tokyo in partnership with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt. of India.
Sanjay Kumar Verma, Ambassador of India to Japan shared his valuable thoughts on the golden opportunity for India and Japan to further boost their relationship in the context of the ongoing COVID-19 crisis. Dr P D Vaghela, Secretary, Pharma presented the sectoral view and the investment opportunities in the pharma and medical device industry in India. He also presented various initiatives taken by the Government of India to promote trade and business in the country. Navdeep Rinwa, Joint Secretary, Pharma explained the department’s schemes to promote manufacturing of bulk drugs and medical devices viz. Production Linked Incentive schemes and Promotion of Bulk Drug/Medical Devices Parks and requested the delegates to avail benefits of the schemes.
Representatives of Japan Pharmaceutical Traders Association and Japan Federation of Medical Devices Associations deliberated on the Post COVID-19 challenges and opportunities for pharma and medical device sectors and its impact on the global supply chain and suggested that cooperation between the two countries can contribute to stabilising the supply-chain of especially APIs and medical devices. A representative of JETRO Chennai also shared insights on challenges and emerging opportunities in these sectors.
Mona KC Khandhar, Minister (Economic & Commerce), EoI, Tokyo mentioned about the resilience and strength of the Indian economy and detailed on the stimulus and reform packages announced by the Government of India to address the COVID-19 crisis and to improve the investment environment. The advantages of the Indian economy, FDI ecosystem and Japan-specific facilitation were also mentioned.
Representatives of Japanese subsidiaries Nipro India Corp and Eisai Pharmaceuticals shared a detailed presentation and their experience about ‘Make in India’ program.
Representatives of major Indian pharma and medical device associations presented the future growth opportunities and way forward for these sectors in India.
Representatives of State Governments of Gujarat, Telangana, Himachal Pradesh and Goa offered finer details of the investment opportunities in their respective States including a package for incentives and tax benefits, ease of doing business initiatives, land availability, infrastructural facilities, regulatory framework and invited Japanese companies for investing in their respective States.
Reportedly, representatives of Andhra Pradesh MedTech Zone, Wockhardt, Sun Pharma, Panacea Biotec and other large numbers of Japanese companies also participated in the webinar as part of G2B and B2B networking.