New Delhi, Sep 26 (IANS): The upcoming 50 pharma manufacturing plants in the production-linked incentive (PLI) scheme will be completed in the next two years, the Centre informed on Thursday.
According to Dr. Arunish Chawla, Secretary, Department of Pharmaceuticals, more than 50 new greenfield manufacturing plants for pharmaceuticals and medical devices have already been completed.
“The PLI plants have catalysed $10 billion in exports from India to countries with the highest regulatory standards,” said at the annual pharma summit 2024 organised by industry chamber Assocham here.
“Many reforms have been done in both the regulatory framework and in the schemes. We are working very hard to upgrade the quality framework for all pharma and drug units. We want to make India not just a pharmacy of the world, but a reliable pharmacy of the world,” the Secretary emphasised.
The all-big pharma companies, global and multinational companies are now expanding their footprint and their business in India and also locating their value chains here, he added.
Also, a huge number of contract research manufacturing and development organisations (CRDMO) are coming up in the country.
Chawla said that we are moving from the generics to the biosimilar space.
“We are the third largest producer of drugs and pharmaceuticals by volume. Drugs and pharma and Meditech are the fourth largest merchandise export from India. Nine out of top 25 generic firms are located in India. And going forward, our contribution to humankind will increase,” said Chawla.
Last year, more than 50 per cent of the drug and pharma produced in the country was exported.
In the closing year, in the surgical and consumable space, the Indian Meditech industry exported more than what the country imported. In other rising sunrise sectors like imaging devices, body implants, in vitro diagnostics (IVDs), achieved double digit growth and exports grew more than double digits.
The Secretary mentioned that from April to August, the pharma and Meditech has become the fourth largest manufacturing export from India.
Ishteyaque Amjad, Chair, Assocham Pharma and Biotech Council, emphasised the need for affordable medicines while maintaining high standards at the event.