India's Aspirations to Be a Reliable Pharmacy of the World Through Production-Linked Incentive
New Delhi: The Indian pharmaceutical industry is rapidly becoming a key pillar of the nation's economy, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals. Speaking on the occasion of the 10th anniversary of the Make in India initiative, Chawla highlighted the tremendous growth of the sector.
Chawla stated, “We are working on a lot of fronts; many ideas have come up; quality is our mission. We want to make India a reliable pharmacy of the world.” He added, “The pharma industry is the rising tiger of the Indian economy.” Today, we have marked 10 years of the Make in India initiative, which has been a significant success.
One of the major drivers behind this growth has been the Production-Linked Incentive (PLI) scheme, which has greatly expanded domestic manufacturing in both the pharma and medical technology sectors.
Chawla noted, “The PLI scheme in the pharma and medical-tech sectors has been a roaring success. 50 greenfield plants in the pharma and medical-tech sectors have started operating, with another 50 more in the pipeline.” He highlighted the positive trajectory in exports and the remarkable double year-on-year growth the industry is witnessing.
This initiative not only strengthens India's manufacturing base but also attracts significant global attention. “All big global pharma companies are expanding their footprint in India and locating their value chains here,” Chawla added, emphasizing India's growing role in the global pharmaceutical supply chain.
Chawla celebrated a significant milestone for the Indian pharma industry, which officially became an export-oriented industry last year. “Last year, the Indian pharma industry officially became an export-oriented industry because we have exported more than 50% of our output,” he stated.
In addition to the PLI scheme's success, the Indian pharma sector is witnessing the rise of Contract Research, Development, and Manufacturing Organisations (CRDMOs). Chawla emphasized, “A huge number of CRDMOs are coming up in India. Our innovation and regulatory framework are also reforming incrementally.” The pharma industry undoubtedly represents the rising tiger of the Indian economy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.