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  • Need separate ministry...

Need separate ministry for pharma sector, opines Industry CEOs

Ruchika SharmaWritten by Ruchika Sharma Published On 2022-11-30T12:15:20+05:30  |  Updated On 30 Nov 2022 12:15 PM IST
Need separate ministry for pharma sector, opines Industry CEOs
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The leaders also pointed out the need to reduce dependency on China by using technology.

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.
Read also: Zydus Lifesciences appoints Akhil Monappa, Upasana Kamineni Konidela as new Independent Directors
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.
Read also: Pharma exports from India rise by 4.22 percent to USD 14.57 billion during April-Oct in current fiscal
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

pharmapharma exportRPG Life ScienceFermenta BiotechOrganisation of Pharmaceutical Producers of IndiaOPPIPharmexcil
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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