New Delhi, Aug 28 (IANS) From $14.9 billion in FY14 Indian pharma exports have surged to $27.9 billion — more than 90 per cent growth in the last 10 years, said Jitin Prasada, Union Minister of State (MoS) for Commerce and Industry on Wednesday.
He was speaking at the inauguration of a three-day International Exhibition For Pharma And Healthcare Exhibition (IPHEX 2024) organised by the Pharma Export Promotion Council of India (CAPEXIL) and the Ministry of Commerce and Industry in the national capital.
The MoS urged the Indian pharmaceutical industry to work towards becoming the healthcare custodian of the world.
“The Indian pharmaceutical sector is a significant contributor to the country’s GDP and pharma exports are recovering to pre-pandemic growth levels, with over 9 per cent growth in FY24. From FY14 to FY24, exports surged from $14.9 billion to $27.9 billion, reflecting over 90 per cent growth,” Prasada said.
“With a current Indian market size of $50 billion including exports, the domestic pharma industry aims to expand to $120-130 billion by 2030 including exports, seizing emerging opportunities for growth,” he added.
While the country “is already recognised as the ‘pharmacy of the world’”, the Minister called to focus not only “on strengths in the generic sector”, but also to “try product development, break new grounds”.
“Focus on innovation, stress on quality, and work with the world market,” he said while stressing that international competitiveness is very important.
Prasada said that the recently concluded free trade agreements (FTAs) with various countries have helped create the pathway for easier approval for various products and bringing down tariffs.
“Hope the pharma industry will be able to use these new agreements for faster approvals. He also noted that the government has come up with many schemes like the production-linked incentive (PLI) for active pharmaceutical ingredients (APIs) and medical devices,” he added.
At the IPHEX 2024, more than 400 major Indian pharma companies will showcase their pharmaceutical products and technologies at the expo. More than 400 foreign buyers from across the world are expected to attend.
–IANS
rvt/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
