India's Pharma and Meditech Exports Soar to 4th Largest Globally

India's pharmaceutical () and medical technology exports are poised for continued growth, even amid global economic challenges, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.

Amid global slowdown concerns, the sector is experiencing double-digit growth, supported by government efforts and the Production Linked Incentive (PLI) scheme, the Secretary told reporters at the CII Pharma and Life Sciences summit.

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‘India's #pharma and #meditech sectors are on a roll! With 16 blockbuster #drugs in the pipeline for major diseases, these exports have become the 4th largest in the country. #India #exports ’

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The 16 drugs to be produced in India are part of a larger list of 25 molecules which are going off-patent in the next few years. Chawla said that exports of the Indian pharmaceuticals, biotech, and bulk drug exports have grown by double-digit in 2023.

Further, he noted that India became export-oriented in the consumables and surgical industry, last year. This year the country is becoming a "rising power" in imaging devices, body implants, and in-vitro diagnostics.

Chawla said the government has conducted "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 further said that the 16 drugs in the pipeline are in various stages of “approvals and manufacturing licences”.

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Drug toxicity is an adverse reaction of the body towards a drug that results as a side effect of a drug, reaction to a drug or drug abuse.

The Secretary stated that the Indian companies developing these drugs "are taking help from the PLI scheme". The incentives provided will help in the development of research, clinical trials and approvals for these blockbuster molecules. Chawla also noted that the Drugs Controller General of India (DCGI) has already granted approvals to some of the molecules.

Reference:

Home | Department of Pharmaceuticals | Government of India - (https://www.pharmaceuticals.gov.in/)

Source-IANS

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