Mansukh Mandaviya, the Union Minister of Health and Family Welfare, spoke to members of the Japan Pharmaceutical Manufacturers Association (JPMA) and representatives of Japanese pharmaceutical companies on Monday at the Indian Embassy in Tokyo.
It was said that India is regarded as a hub for the global pharmaceutical industry. That country’s pharmaceutical sector contributes significantly to improving health outcomes globally by acting as a reliable source of cost-effective and high-quality medicines.
Mandaviya emphasized that the Indian pharmaceutical sector contributes about 60% of the world’s supply of vaccines and 20-22% of generic exports, significantly enhancing accessibility on a global scale. He also mentioned that during the COVID-19 pandemic, India provided roughly 185 countries with vital medications.
The Union Health Minister emphasized that the production of generic medications, bulk drug exports, and the provision of active pharmaceutical ingredients are the primary focus areas for the Indian pharmaceutical industry. The industry is expected to grow to USD 130 billion by 2030 and consists of a network of 3,000 pharmaceutical companies and 10,500 manufacturing facilities.
Mandaviya encouraged Japanese businesses to seize expanding chances in the Indian market. To supply drugs to the global market, manufacturers have been encouraged to produce medicines in India through the new Production Link Incentive (PLI) schemes.
He briefed the audience on the rising use of biologics and biosimilars. He emphasized that biopharmaceutical research and innovation have emerged globally as major forces driving growth in the life sciences industry. The biopharmaceutical industry in India has grown at an impressive 50% compound annual growth rate (CAGR) over the past five years and is expected to keep booming.
The government has started trying to incorporate traditional medicines and phytopharmaceuticals into regular public practices, Mandaviya noted, highlighting the rising demand for conventional Indian medication. India’s rich biodiversity and abundance of flora and fauna make it a prime location for developing phytopharmaceutical products, which have a huge potential to enter the global value chain. He emphasized the significance of bolstering R&D and innovation to promote these medicines internationally.
The Union Health Minister also invited Japanese researchers to collaborate on cutting-edge technologies and therapies like precision medicine, cell and gene therapy, biological products, and digital tools. The domestic accessibility and affordability of these advanced therapeutic options would be improved by such research and innovation collaboration.
Members of the Japan Pharmaceutical Manufacturers Association (JPMA), representatives from Japanese pharmaceutical companies, and the Union government all attended the meeting.