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DoP urges pharma industry to develop innovative drugs

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Pharmexcil organises seminar on Financial Schemes for Pharma industry and Outstanding Export Performance Awards at its 14 th Annual Meet

The Department of Pharmaceutical (DoP) urged the pharmaceutical industry to bring innovative drugs without compromising on the quality. DoP also encouraged small and mid-sized pharma companies to avail Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS). Financial institutions will be soon finalised for implementing the PTUAS. This was informed by Navdeep Rinwa, Joint Secretary, Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India, at the recently held 14th Annual Meet of Pharmaceuticals Export Promotion Council of India (Pharmexcil) in Hyderabad.

Rinwa also emphasised the need to strengthen both the centre and state Central Drugs Standard Control Organization (CDSCO) offices. He also informed that DoP is taking an Indian delegation to Brussels in collaboration with industry associations like Indian Drug Manufacturers’ Association (IDMA) Bulk Drug Manufacturers Association India (BDMA) and Pharmaceuticals Export Promotion Council of India (Pharmexcil) and asked the industry to take the lead in participating the delegation.

The council also presented Outstanding Export Performance Awards and honoured 14 pharma companies in 15 different categories. Srinivas Lanka, Mentor – Pharma, Biotechnology and Health Care, Dr Chandrakant Kokate, ex Vice-Chancellor of Kakatiya University and ex-President of Pharmacy Council of India and Dr PV Appaji, Former Director General, Pharmexcil were the jury members of the awards.

During the award presentation, Ravi Uday Bhaskar, Director General, Pharmexcil, talked about the sector’s growth as against the previous years, despite the negative growth in the US market. He highlighted about the business opportunities in markets like CIS and Africa.

Dinesh Dua, Incoming Chairman, Pharmexcil and Chief Executive Officer, Nectar Lifesciences, in his speech, requested the government to provide financial assistance to Indian pharma companies, who are facing competition from their Chinese counterparts. He mentioned that the industry has the capability to manufacture indigenous active pharmaceutical ingredients (APIs) and stressed on to create a sustainable model.

Pharmexcil also organised a seminar on Financial Schemes for Pharmaceutical Industry. The seminar touched upon various schemes offered by the government and how financial institutions are assisting in executing them. The objective of the seminar was to make the industry aware about the schemes offered by the government and encourage the industry in availing them, thus increasing export performance.

Dua also highlighted the need of such seminars in India and mentioned that 60 per cent of India’s GDP contribution comes from MSMEs sectors. However, the saddest part is that most MSMEs are not aware about the government’s financial assisting schemes and offers.

Ramesh Babu, Deputy General manager, EXIM Bank, in his presentation mentioned that EXIM Bank also funds for R&D projects based on enterprises’ balance sheet capabilities. The bank also assists MSMEs for their marketing activities; including participating in overseas exhibitions.

Mani Lal Chaudhary, Deputy General Manager, SIDBI, emphasised on several products offered by SIDBI to the pharma industry under its one stop window and highlighted SIDBI’s recent initiatives like, MUDRA, Stand-Up India, Udyami Mitra, contact less loans to MSMEs.

Kumar Anshuman, Deputy General Manager, ECGC, informed that their 85-90 per cent clients are from the MSME sector and for its growth, the pharma industry contributes 13.5 per cent. Talking about the business scope in the overseas market, he indicated that Indian pharma industry should also pay attention to MENA regions besides the US and Europe.

Vishal Gandhi, Founder and CEO, BIORx, points out about corporate governance and highlighted that whenever Hyderabad-based pharma companies raised their equities they have become more valuable in their space.

Dr R Sampath Kumar, Deputy DGFT, Hyderabad, briefed about the Foreign Trade Policy and Amendments to the Handbook of Procedures of FTP 2015-2020. He highlighted the benefits of the amendments in paragraph 2.47 (A) (i) and (B) (i) and critically commented that so far DGFT has not yet received a single application from the pharma industry.

A Chainulu and Dr Yogeswara Rao, retired senior officials of Department of Scientific and Industrial Research (DSIR) and Council of Scientific and Industrial Research (CSIR) informed about the government schemes of DSIR, DBT etc. for the development of export competitiveness of the Indian pharma industry.

The day-long event ended on a positive note by honouring pharma companies and were recognised for their commendable works.


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