India emerging as healthcare destination and global pharma leader: Minister Jitin Prasada

Hyderabad: Jitin Prasada, Union minister of state for commerce and industry has 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. With a current Indian market size of $50 billion including exports domestic pharma industry aims to expand to $120-130 billion by 2030 including exports, seizing emerging opportunities for growth.” Said Jitin Prasada, Union Minister of state for Commerce and industry while inaugurating a three day International Exhibition For Pharma And Healthcare Exhibition (IPHEX 2024) organised by Pharma export promotion council of India (CAPEXIL) and Ministry of Commerce and Industry.

“India is already recognized as the 'pharmacy of the world'. It's extremely important that we focus not only on our strengths in the generic sector, but also ensure our backward and forward linkages. lt's important that we try product development, break new grounds" Mr Prasada said.

“Focus on innovation, Stress on quality and Work with the world market. "International competitiveness will be very important. It is important to keep abreast of new developments and good manufacturing practices. The large pharma companies of the country should hand hold the smaller companies and help them become quality manufacturers of good products. The recently concluded FTAs with various countries have helped creating 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 PLI for APIs and for medical devices.” He added.

“The three day pharma expo IPHEX will offer the domestic industry majors from India and all across the world a great platform to connect and do business. It will provide you with an opportunity to meet new and existing customers actively looking for new suppliers, or looking to assess the current progress of existing projects.” Said SV Veeramani, Chairman, Pharmaceutical export promotion council of India (PHARMEXCIL)

“The Profile of exhibits will include Pharmaceutical Formulations, Pharmaceutical APIs, Ayush, Nutraceuticals, Health Services, Biotechnology, Biotechnology Products, R&D Services, Pharmaceutical Technologies & Consultancy, Diagnostics, Surgical Dressings, Medical Devices, Pharmaceutical Research, Clinical Trials and Custom Synthesis. More than 400 buyers from world over are expected to participate in the International Pharma and Healthcare conglomeration. The event aims to facilitate access to quality and affordable generics on a global scale.” Said Mr K Raja Bhanu , Director General , Pharmexil.

“IPHEX has garnered international recognition and fostered collaboration within the pharmaceutical community worldwide. India’s pharma exports during the year 2023-24 stood at $27.84 Billion with more than 30 per cent exports to the US. About 70 % of World Health Organisation’s (WHO) vaccines under essential immunization schemed served from India” said Mr Bhanu.

PHARMEXCIL is the nodal agency to represent Drugs, Pharmaceutical & Healthcare industry in the global arena. With over 4,562 members, PHARMEXCIL is mandated to help them achieve excellence in exports and facilitate overseas buyers to find suitable trade partners from the Indian pharma industry.

“India ranks 3rd globally in pharmaceutical production by volume and 14th by value.” “Dedicated to the entire Global Pharma value chain, IPHEX 2024 show is set to become the premier sourcing show for pharmaceutical procurement agencies from all over the world” said Mr Namit Joshi , Chairman , IPHEX

Others who were present on the occasion included Nitin Kumar Yadav, IAS, Joint Secretary EP-PHARMA, Department of Commerce, Government of India, Dr. Rajeev Singh Raghuvanshi, DCG(I), CDSCO, Ministry of Health and Family Welfare, Government of India and health ministers from visiting countries of Armenia and Ghana.