Need separate ministry for pharma sector, opines Industry CEOs

The leaders also pointed out the need to reduce dependency on China by using technology.

Published On 2022-11-30 06:45 GMT   |   Update On 2022-11-30 06:45 GMT
Advertisement

New Delhi: The government needs to set up a separate ministry for the pharma sector to encourage domestic producers and decrease Chinese imports, opined CEOs while participating in a discussion on the challenges being faced by the sector.

In a CEO Roundtable at the 15th edition of CPHI & PMEC India held on Tuesday, the Chief Executive Officers (CEOs) of companies, including those from RPG Life Science and Fermenta Biotech, also discussed ways to shift the focus of the domestic industry from volume to value.

The leaders also pointed out the need to reduce dependency on China by using technology. 
The Organisation of Pharmaceutical Producers of India (OPPI) Director General Vivek Sehgal said that the industry needs to collaborate and co-work and unite for a collective voice on IPR-related issues.
The leaders also discussed having a single industry organisation to put across the grievances of the pharma industry before the government.
Speaking at the inaugural session of the 15th edition of CPHI & PMEC India, Pharmexcil Director General Ravi Uday Bhaskar said the Indian pharmaceutical exports have recorded an impressive growth of around 5 percent in the current financial year (April-Oct 2022).
"Despite having global challenges, we have exported over USD 25 billion in the biggest market, which means about 30 percent of our exports are going to the US," he added.
Currently, the Indian pharma market is valued at around USD 50 billion, out of which almost USD 25 billion constitutes the export market. 

Read also: Zydus Lifesciences US arm wins USFDA nod for Levothyroxine Sodium for Injection to treat myxedema coma

Tags:    
Article Source : PTI

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

Similar News