Despite global slowdown fears, Arunish Chawla, Secretary, Department of Pharmaceuticals, expects India’s pharmaceutical and meditech exports to continue to rise.
With 16 blockbuster pharmaceuticals in the pipeline for cancer, diabetes, HIV, and tuberculosis, exports in these areas grew to become the fourth-largest in the country last fiscal year.
Despite global downturn concerns, the sector is growing at a double-digit rate, thanks to government efforts and the Production Linked Incentive (PLI) scheme, the Secretary told reporters at the CII Pharma and Life Sciences Summit.
The 16 medications to be made in India are part of a wider list of 25 compounds that will go off patent in the coming years.
Chawla stated that exports of Indian pharmaceuticals, biotech, and bulk drugs will increase by double digits in 2023. Furthermore, he stated that India became export-oriented in the consumables and surgical industries last year. This year, the country will become a “rising power” in imaging equipment, body implants, and in-vitro diagnostics.
Chawla reported that the government had carried out “studies and applied research to identify blockbuster molecules and blockbuster drugs in the traditional pharma space and in the new rising biotech and biosimilar space”.
He went on to say that the 16 medications in the pipeline are in various stages of “approvals and manufacturing licences”. According to the Secretary, Indian companies producing these treatments “are taking help from the PLI scheme”.
The incentives granted will aid in the development of research, clinical studies, and regulatory approvals for these blockbuster drugs. Chawla further mentioned that the Drugs Controller General of India (DCGI) had already approved several of the compounds.
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