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The Union government's substantial and commendable support for the Indian pharmaceutical industry, particularly for the MSME sector, is evident.
T. Revichandran, vice-president of IDMA South Region, cited the extension of the deadline for implementing revised Schedule M until December 31, 2025, as a prime example of the governmental backing.
Representing IDMA, Revichandran delivered a speech reviewing the Indian pharma industry at the Pharmac South Expo in Chennai yesterday.
He highlighted that the Indian government significantly supports the pharma industry through various schemes and incentives. Specifically, he cited the production linked incentive (PLI) scheme, the Promotion of Research and Innovation in Pharma MedTech (PRIP) Scheme, Skill Development Programmes, and the establishment of Bulk Drug Parks as key examples of this extensive support.
Further bolstering the sector, the government assists pharma industries through the Revamped Pharmaceutical Technology Upgradation Assistance Scheme (RPTUAS). This scheme provides financial support, often in the form of subsidies, to help companies upgrade their production facilities and achieve essential certifications like Revised Schedule M and WHO Good Manufacturing Practices (GMP) standards. The RPTUAS is specifically designed to support the industry's efforts in aligning with these stringent regulatory requirements.
In his address, Revichandran detailed the impressive capacity of the Indian pharmaceutical industry, noting its 741 US FDA approved plants, 386 European approved plants, and over 2,000 WHO GMP certified facilities. He added that more than 8,000 MSME units are currently working towards compliance with revised Schedule M and WHO GMP accreditation. This extensive infrastructure, he believes, positions India to meet the growing global demand for pharmaceuticals.
He further emphasized that the ongoing Pharmac South Expo serves as a vital platform for pharma companies to showcase their products and manufacturing capabilities, directly addressing the increasing need for medicines worldwide. Beyond product display, the event also facilitates crucial networking opportunities between sellers and buyers, fostering the exchange of both ideas and products.
Ravichandran, chairman and managing director of Pharm Products Pvt Ltd in Thanjavur, painted a bright future for the Indian pharmaceutical industry. He projected a substantial increase in sales, from the current USD 56 billion to USD 130 billion by 2030, and an impressive USD 500 billion by 2047.
He also highlighted the significant role of the Tamil Nadu pharma industry, noting its high degree of quality orientation and manufacturing capabilities. Offering a wide range of pharmaceuticals, Tamil Nadu, he stated, is a strong participant in the growth story of Indian pharma.
Despite boasting approximately 7,000 formulation units that cater to around 900,000 pharma traders and 1.3 million doctors, India's pharmaceutical industry still faces a notable dependency on China for the import of active pharmaceutical ingredients (APIs).
While India has firmly established itself as a significant hub for contract research and manufacturing services (CRAMS), undertaking contract manufacturing for various countries globally, the Indian pharmaceutical industry is simultaneously navigating a complex landscape of challenges, particularly concerning regulatory compliance, intense competition, and the imperative for increased research and development (R&D).
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