India Gears Up to Be Global Leader in Medical Device & Pharma Exports

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India Gears Up to Be Global Leader in Medical Device & Pharma Exports

| Updated: March 3, 2024 13:18

India Gears Up to Be Global Leader in Medical Device & Pharma Exports

India is poised to become a global leader in the export of medical devices and pharmaceuticals, declared Union Health Minister Mansukh Mandaviya on Saturday.

Highlighting India’s transition into a significant exporter of bulk drugs and medical devices, Mandaviya emphasized the nation’s efforts to mitigate risks in the supply chain and reduce dependence on single-country sources for active pharmaceutical ingredients (APIs) used in bulk drug manufacturing.

Expressing regret over the lack of protection provided to the local pharmaceutical industry by previous governments against the dumping of medicines by global giants and control over APIs, Mandaviya underscored India’s current self-sufficiency in critical API production. He projected that medical exports from India are expected to soar to ₹75,000 crore in the near future.

Speaking at the inauguration of 39 Greenfield projects under the Production Linked Incentive (PLI) scheme for bulk drugs and medical devices, Mandaviya highlighted the significance of the scheme in bolstering India’s manufacturing capabilities and reducing import dependence, particularly in the medical device sector where the country imports around 70% of its requirements.

He noted that the PLI scheme has already witnessed the launch of 27 Greenfield Bulk Drug Park projects and 13 Greenfield Manufacturing Plants for Medical Devices, with a total outlay of ₹6,940 crore. Additionally, 26 applicants have been approved for manufacturing 138 medical device products under the scheme, with a financial outlay of ₹3,420 crore.

Mandaviya highlighted the success of PLI 1.0, which received a positive response from the industry, leading to the introduction of PLI 2.0 with an additional financial outlay of ₹15,000 crore. He emphasized that these schemes are integral to reducing India’s dependency on critical resources and mitigating supply chain bottlenecks.

In conclusion, Mandaviya reiterated the government’s commitment to fostering long-term policies that encourage investment in the industry, underscoring the PLI schemes as a testament to India’s potential as a global manufacturing hub in the pharmaceutical and medical device sectors.

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