New Delhi: To maintain dominance in the global pharmaceutical market and bridge the gap between established and emerging players, Union Minister Jitin Prasada has urged the country’s pharmaceutical sector to focus on innovation, emphasise quality, and collaborate with the global market. He stressed the importance of large pharmaceutical companies mentoring smaller firms to help them become quality manufacturers.
“Focus on innovation, emphasize quality, and work with the global market. International competitiveness will be critical. Keeping abreast of new developments and good manufacturing practices is crucial. Large pharmaceutical companies should support smaller companies in becoming quality manufacturers of excellent products,” said Jitin Prasada, Union Minister of State for Commerce and Industry.
During the inauguration of the three-day International Pharma and Healthcare Exhibition (IPHEX 2024), organised by the Pharma Export Promotion Council of India (CAPEXIL) and the Ministry of Commerce and Industry, the minister highlighted India’s status as the ‘pharmacy of the world.’ He emphasised the need to leverage strengths in the generic sector while ensuring robust backward and forward linkages and pushing the boundaries of product development.
“The Indian pharmaceutical sector is a significant contributor to the country’s GDP. From FY14 to FY24, exports surged from USD 14.9 billion to USD 27.9 billion, reflecting over 90 percent growth. With a current market size of USD 50 billion, including exports, the domestic pharmaceutical industry aims to expand to USD 120-130 billion by 2030, seizing emerging opportunities for growth,” Prasada added.
At the event, S.V. Veeramani, Chairman of the Pharmaceutical Export Promotion Council of India (PHARMEXCIL), noted that IPHEX will provide a valuable platform for domestic and international industry leaders to connect and conduct business. “The three-day pharma expo will offer opportunities to meet new and existing customers actively seeking new suppliers and assessing current projects,” he said.
K. Raja Bhanu, Director General of Pharmexcil, mentioned that over 400 buyers from around the world are expected to participate, aiming to facilitate access to quality and affordable generics on a global scale.
