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India recognised as pharmacy of world as we produce affordable drugs: Finance Minister Nirmala Sitharaman

Ruchika SharmaWritten by Ruchika Sharma Published On 2022-12-26T12:15:46+05:30  |  Updated On 26 Dec 2022 4:37 PM IST
India hopes to conclude trade pact with US this year, finance minister says
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New Delhi: India is recognised as the pharmacy of the world as the country produces global standard medicine at affordable cost, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said on Saturday.

India supplies about 50 percent of all of Africa's demand for generic medicine, 40 percent of USA's need for generic medicine, and 25 percent of the UK's requirement of all medicines, she said at the 35th annual convocation of The Tamil Nadu Dr MGR Medical University here.

Besides, she said India produces about 60 percent of global vaccines and 70 percent of the World Health Organisation's vaccines for essential immunisation schemes.

Read also: Mansukh Mandaviya says Govt would like to see country emerge as research hub in pharma sector

Talking about the COVID-19 vaccination programme undertaken by India, she said, "The Centre, along with state governments, executed vaccination at a rapid pace that by the time Omicron variant of Covid attacked us, we were prepared to face it... India could stand up to face the challenge because of the preparedness of a democratically-elected government."
Many countries in the world, including China, which had obtained WHO approval for COVID vaccines much earlier than India, are seeing resurgence of the pandemic, the Union minister said, adding that India, however, obtained WHO approval much later after repeated trials and scrutiny.
Read also: Merck, Kelun-Biotech ink pact to develop seven investigational preclinical ADC for cancer treatment

With regard to medical tourism, she said, it is estimated to be around USD 9 billion which makes it stand at 10th position in the Global Medical Tourism Index.

Approximately two million patients visit India each year from 78 countries for medical, wellness, and IVF treatments, Sitharaman said.

Read also: Dr Mansukh Mandaviya inaugurates new building of CDSCO Bhawan, South Zone in Chennai

pharmaindian pharma marketNirmala Sitharamangeneric medicineDr MGR Medical University
Source : PTI
Ruchika Sharma
Ruchika Sharma

    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

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