India is poised to be the one-stop solution for health, says Piyush Goyal
COVID-19 outbreak had made a major impact on the Indian healthcare sector but the ecosystem fought the pandemic back with innovations.
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The COVID-19 outbreak made a major impact on the Indian healthcare sector but the ecosystem fought back with innovations. While the pandemic helped in realising the gaps in healthcare, it also gave the opportunity to come up with new solutions.
Speaking at the sixth edition of ‘India Pharma & India Medical Device 2021,’ Cabinet Minister Piyush Goyal said that India has positioned itself as the go-to destination for healthcare majors.
The Indian pharma industry in need of fundamental reforms: EY-FICCI report
The Indian pharma industry in need of fundamental reforms: EY-FICCI report
26 February 2021 | News To reach $ 130 bn in size by 2030 from the current $42 bn the Indian pharmaceutical (pharma) industry will require to double the last decade’s growth rate of 6% to 12%
The Indian pharma industry should consolidate on its advantages and undertake fundamental reforms to reset on innovation-led industrial growth to meet the ambition of $130 bn by 2030 says the EY-FICCI report titled, ‘Indian Pharmaceutical Industry 2021: future is now.’
This report reassesses the Indian pharma industry’s positioning and defines India’s ambition by 2030 by identifying a set of imperatives for all stakeholders – the government, pharma and healthcare industry leaders, functional experts of the pharma industry and experts in the allied sectors.
Apr 5, 2021
Speaking on the occasion Shri DV Sadananda Gowda commended India’s capabilities as a global and reliable supplier of drugs and medical devices during the COVID-19 pandemic. Citing the recent UNCTAD report, he also pointed out India’s positive FDI growth even with a decline in FDI of 42% globally. Shri Gowda said, “As the pandemic exposed the global vulnerabilities of the supply chains in the pharmaceuticals sector, the Department of Pharmaceuticals launched the Production Linked Incentive Scheme for bulk drugs, with a financial outlay of ₹6,940 crores across 53 APIs over 6 years. For Medical Devices, another PLI scheme was announced with an outlay of ₹3,420. Such interventions & incentives have played an instrumental role in realizing Prime Minister’s vision of ‘Aatmanirbhar Bharat’, or India for the world.”
Following the onset of the pandemic, the Indian pharma industry has shown its role as a reliable supplier of drugs and medical devices in a time of need, D V Sadananda Gowda added.