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IDMA appeals to entrepreneurs to utilize various govt schemes to make pharma a US$ 600 billion industry by 2047
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Peethaambaran Kunnathoor, Chennai
August 16 , 2022
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The Indian Drug Manufacturers’ Association (IDMA) has appealed to the large, medium and small entrepreneurs to utilize the opportunities unveiled by the Union ministry of health and family welfare during the platinum jubilee year of India’s Independence to support the vision of the government to achieve 600 billion USD in 2047, when the country will hit a century of independence.
During the platinum jubilee celebration of India’s independence, the government has launched multiple schemes to strengthen the Indian pharmaceutical industry which is now recognized by the government as the ‘sunrise sector’ for the country’s economy and is expected to reach US$ 600 billion in next 25 years.
Hailing the proactive role being taken by the Union ministry of health, the honorary secretary of the IDMA, Mehul Shah said this is a time of very good opportunity for the pharma manufacturers irrespective of big or small to benefit out of the schemes. New entrepreneurs should come forward to become part of this growth.
In an online chat with Pharmabiz on the eve of the Independence Day, Mehul Shah expressed the hope that along with the growth of the formulation industry India will become self-sufficient in the production of APIs in another five to ten years time. The present schemes are beneficial for the existing business and for the new entrepreneurs. Currently, the size of the Indian pharma industry is US$ 44 billion which will become US$ 600 billion in 2047 as per the plan of the government. To achieve this target, the government has launched several schemes such as Atmanirbhar Bharat, Make in India, PLI 1, PLI 2 etc and also simplified the regulatory norms and introduced special schemes for the MSMEs. Only thing is that the existing and the new entrepreneurs should utilize all these schemes for the industry’s growth, he said.
“It is a long journey, it will take time to prosper as the pharma sector is a knowledge driven one, not merely vested in investment. Secondly, the growth of the industry depends on support from central and state governments. If the industry has to grow both the governments have to join their hands and all sections of the industry should come together,” he opined.
As regards support by state governments for the growth of API industry, Mehul Shah said the pricing of APIs imported from China at present is lower than the cost of production here. The government is aware of this, so it introduces several schemes to support the industry. Along with, a lot of policies are announced by state governments like Andhra Pradesh, Telangana, and recently by Madhya Pradesh to support the API industry. These states are working hard to establish strong API industries. They are giving land, water and power at cheaper rates to attract more entrepreneurs. So, in the distant future India will become self-sufficient in APIs also. “It will happen, but it will take time”, he concluded with a hope.
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