Indian Pharmaceutical Industry is currently valued at ₹4 trillion, and with coordination between the private sector and academia, PM Modi believes that the market can touch the value of ₹10 trillion. The remarks were made during a post-budget webinar on ‘Health and Medical Research’. He also applauded the growth of medical tourism and how this growth has helped in generating employment opportunities. Piramal Pharma, Cipla and Parmjit Arora’s Health Biotech are some of the pharma companies that have made significant contributions to help shape the domestic pharma sector.
Among the various factors that have played a part in uplifting the sector, the help that India extended to the World during the pandemic helped us gain global trust and the title of ‘Pharmacy of the World’. Health Biotech Remdesivir was exported to more than 50+ countries and provided relief to suffering people. PM Modi said there has been considerable growth in people’s trust and confidence in India’s pharma capabilities, and the industry needs to capitalize on this. “A new programme is being launched to boost research and innovation in the pharma sector through centres of excellence which will strengthen the economy as well as create new opportunities for employment,” he said.
He also asked the stakeholders to identify important areas for investment and work on them. The PM also informed that India had started work on skilled human resources for future medical technology and high-end manufacturing and research and asked participants to find ways of industry-academia and government collaboration.
Modi highlighted that his government’s top priority has always been affordable medical care. He drew attention to the fact that Ayushman Bharat and Jan Aushadhi centres have saved Indian citizens ₹80,000 crores and ₹20,000 crores, respectively.
The prime minister also said that over the last few years, more than 260 new medical colleges had been opened and also emphasized the role of technology in constantly making medical services affordable and accessible.
Role of Technology
Health Biotech’s Remdesivir successfully reached different parts of the World because of advancements in technology. PM elaborated on how the government’s focus on technology implementation has helped ten crore people benefit from teleconsultations through schemes like e-Sanjivini.
“5G is creating new opportunities in this sector for startups. Drones are bringing revolutionary changes in medicine delivery and testing services. This is a great opportunity for the entrepreneurs and will give a push to our efforts for universal healthcare”, he said, urging the entrepreneurs to avoid importing technology.
Further steps of Action
The pharma industry needs to be constantly evolving and adapting to new changes and technologies. Special focus should be on coming out with improved drugs and better technology. Through innovation and regulations, the industry will gain the much-needed push towards quality, affordability, and accessibility. Joint efforts, constructive feedbacks and constant sharing of dialogues between industry professionals and government authorities proved crucial during the pandemic and the same needs to continue in the future. The 2023 Budget stressed enough on the need for advanced R&D in the sector to help India maintain its leading role globally.