- Home
- Medical news & Guidelines
- Anesthesiology
- Cardiology and CTVS
- Critical Care
- Dentistry
- Dermatology
- Diabetes and Endocrinology
- ENT
- Gastroenterology
- Medicine
- Nephrology
- Neurology
- Obstretics-Gynaecology
- Oncology
- Ophthalmology
- Orthopaedics
- Pediatrics-Neonatology
- Psychiatry
- Pulmonology
- Radiology
- Surgery
- Urology
- Laboratory Medicine
- Diet
- Nursing
- Paramedical
- Physiotherapy
- Health news
- Fact Check
- Bone Health Fact Check
- Brain Health Fact Check
- Cancer Related Fact Check
- Child Care Fact Check
- Dental and oral health fact check
- Diabetes and metabolic health fact check
- Diet and Nutrition Fact Check
- Eye and ENT Care Fact Check
- Fitness fact check
- Gut health fact check
- Heart health fact check
- Kidney health fact check
- Medical education fact check
- Men's health fact check
- Respiratory fact check
- Skin and hair care fact check
- Vaccine and Immunization fact check
- Women's health fact check
- AYUSH
- State News
- Andaman and Nicobar Islands
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chattisgarh
- Dadra and Nagar Haveli
- Daman and Diu
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu & Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Lakshadweep
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttrakhand
- West Bengal
- Medical Education
- Industry
Govt extending production linked incentives for upcoming bulk drug, medical device parks manufacturing units: Gowda
The Indian Pharma and Medical Device Sector have immense potential to contribute towards making India a 5 trillion-dollar economy in the next 4-5 years, Gowda added.
New Delhi: This is the most opportune time to invest in the Indian pharma and medical device sector as the government is extending production linked incentives for new manufacturing units in the upcoming bulk drug and medical devices parks, Union Minister DV Sadananda Gowda has said.
The Indian pharma sector, currently valued at USD 40 billion, has the potential to become a global pharmacy hub in the coming years, the Chemicals and Fertilisers Minister said in a statement.
The sector is likely to grow to USD 65 billion by 2024, and to USD 120 billion by 2030, he added.
The medical devices industry in India has the potential to grow at 28 percent per annum to reach USD 50 billion by 2025, Gowda said.
The Indian pharma and medical device sector have immense potential to contribute towards making India a 5 trillion-dollar economy in the next 4-5 years, he added.
The government is supporting the development of 3 bulk drug and 4 medical device parks with state-of-art infrastructure and world-class centers of excellence across the country, Gowda said.
"Government will also provide production linked incentives to eligible new manufacturing units to ensure a level playing field to domestic manufacturers," he added.
It is expected that the schemes of the government for the development of bulk drug and medical device parks will attract cumulative investment of Rs 78,000 crore and can generate about 2.5 lakh employment, he added.
"There is a need for the pharma industry to focus on R & D activities in order to remain as one of the leading global suppliers of medicines," Gowda said.
The full potential of growth cannot be tapped unless the sector comes up with the discovery of new drugs or repurposing in India, he added.
Gowda also expressed hope that the Indian pharma sector will be among the first ones to develop and supply low-cost vaccines for Covid-19.
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751
Next Story