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The Production Linked Incentive (PLI) scheme and cluster manufacturing are contributing to the growth of pharma industry, according to Viranchi Shah, National President, Indian Drug Manufacturers Association (IDMA).
Speaking to news persons at the inauguration of three pharma trade shows of Analytic Anacon India, India Lab Expo and Pharma Pro & Pack Expo at Hitex Exhibition Centre here on Thursday, Shah said PLI and cluster manufacturing will reduce our dependence on imported medicines.
”When India completes its 100 years of independence, in 2047, pharma industry will be a $500 billion industry. PLI 1.0 and 2.0 are vital for India to achieve this goal,’‘ he said, adding that IDMA was working closely with the Government of India on PLI 2.0,’‘ he added.
Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA) said the Indian pharma industry, currently valued at $ 49 billion, was expected to grow to $ 130 billion by 2030.
“Our medicines are supplied to over 200 countries,’‘ he said, adding that industry should focus on innovation, self-dependence, diversifying export markets and building capacity to be future-ready.
R Uday Bhaskar, Director General, Pharmexcil said that the future for the pharma and allied industries was bright but there were challenges too. “Any export will depend on the importing policies of other countries. There is a need to streamline the industry especially in terms of regulations. Different countries have different regulations,’‘ Bhaskar said.
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