India strives to become the best investment destination in the world for the pharma sector under the leadership of Prime Minister Narendra Modi, Union Minister for Health and Family Welfare and Chemicals & Fertilizers Mansukh Mandaviya said today.
He was inaugurating the Investor Summit – “Opportunities and Partnerships in Pharmaceuticals & Medical Devices”– via video conferencing. The summit was organised by the Department of Pharmaceuticals, in partnership with Invest India as part of the vision to further strengthen India’s position globally in terms of pharmaceuticals and medical devices.
Mandaviya observed that India was rightly called the pharmacy of the world. It was the largest manufacturer and supplier of generic medicines. During COVID, it supplied medicines to more than 150 countries of the world. ”It shows that the pharma industry is not just a business in India; it is connected with our sentiments. It is not governed with only profit motive but is guided by the Indian philosophy of Vasudhaiv Kutumbkam”, he added.
Mandaviya said that under the Make in India Project, Prime Minister Modi has invited investors from all across the world to invest in India. He assured investors that they would be treated fairly in India, given its robust regulatory mechanism, independent judiciary and democratic form of government. He noted that the pharma sector has witnessed a substantial increase in investments.
Enlisting the various policies, schemes and initiatives of the government to encourage pharma industries, Mandaviya said that the Production Linked Incentive (PLI) scheme for the pharma sector would give a boost to the industry and has potential to make India a pharma hub. He underlined the fact that India was going to become a huge market for medicines and medical devices. He added that under Ayushman Bharat-PMJAY, 10 crore families would benefit. This would create demand for more drugs and medical devices, which would benefit the pharma industries in India.