Dr. Mandaviya highlights India’s role as a global pharmaceutical hub during discussions with Japanese Pharma Companies in Tokyo
Union Minister of Health and Family Welfare, Dr. Mansukh Mandaviya, held a productive meeting with representatives of Japanese Pharma Companies and members of the Japan Pharmaceutical Manufacturers Association (JPMA) at the Indian Embassy in Tokyo. The discussions aimed to foster collaboration and explore opportunities for partnership between the pharmaceutical industries of India and Japan.
During the meeting, Dr. Mandaviya emphasized India’s global recognition as a pharmaceutical hub and its significant role in improving health outcomes worldwide. He highlighted the country’s contribution to global accessibility, including providing 60% of the global vaccine supply and 20-22% of generic exports. He also mentioned that India has supplied essential drugs to approximately 185 countries during the battle against the COVID-19 pandemic.
Indian pharmaceutical industry projected to reach a value of US$ 130 billion by 2030.
The Union Health Minister shed light on the Indian pharmaceutical industry, which comprises a vast network of 3,000 drug companies and 10,500 manufacturing units. He projected that the industry’s value is set to reach US$ 130 billion by 2030. Dr. Mandaviya further discussed the establishment of three Bulk Drug Parks to create a robust ecosystem for pharmaceutical manufacturing and the government’s initiatives to promote research and development in the sector.
Dr. Mandaviya encouraged Japanese companies to seize the growing opportunities in the Indian market. He highlighted the investments and partnerships being witnessed in the Indian pharmaceutical industry, along with the incentives provided by the Production Link Incentive (PLI) schemes. He also emphasized the growth potential in the bio-pharmaceutical sector, with a remarkable 5-year Compound Annual Growth Rate (CAGR) of 50%.
Dr. Mandaviya invites Japanese collaboration on research and innovation in emerging therapies and technologies
Furthermore, Dr. Mandaviya expressed India’s interest in collaborating with Japanese companies on research and innovation in emerging therapies and technologies such as precision medicine, cell and gene therapy, biological products, and digital tools. Such collaborations would enhance the availability and affordability of these innovative therapeutic options in India.
The meeting witnessed the presence of key officials, including representatives from Japanese pharmaceutical companies and Indian government officials. The discussions paved the way for closer ties and mutual growth between the pharmaceutical industries of India and Japan.