New Delhi, 20 April 2021: Union Minister for Chemicals and Fertilizers Shri Sadanand Gowda virtually addressed the Workshop of selected applicants under PLI Scheme for Bulk Drug and Medical Devices. CEO Niti Aayog, Shri Amitabh Kant, Secretary (Pharma), Ms S. Aparna and senior officers of the Ministry attended the workshop.
Addressing the workshop Shri Gowda said that Pharmaceutical and Medical Device Sectors will play a pivotal role in achieving the goal of a $ 5 trillion economy. He said the onset of COVID-19 has brought the world’s attention to India and recognised its capabilities as a global, reliable supplier of drugs and medical devices, ready to serve at the time of need. Terming India as a major hub for Medical Devices and Diagnostics, he mentioned that it has been serving more than 200+ countries with its Pharma products. He expressed confidence that India can manufacture not only ‘Made in India’ products but also ‘Made for the World’ products.
He stressed that as the pandemic exposed the global vulnerabilities of the supply chains in the pharmaceuticals sector, the Department of Pharmaceuticals launched the Production Linked Incentive Scheme for promoting Domestic Manufacturing of Bulk Drugs, with a financial outlay of ₹6,940 crore across 53 APIs over 6 years. He said pandemic has also brought up opportunities to become self-reliant in production of APIs and KSMs, the building blocks of pharmaceuticals.He said the PLI scheme for the pharma & medical device sector will also improve affordability and accessibility of pharma products.
He called upon companies whose projects are approved under PLI to start their production as soon as possible. The sooner production starts, the quicker India will be able to provide pharma and medical devices products to domestic & global markets at competitive rates, he added.
He expressed confidence that this workshop will unfold a plethora of opportunities, unique insights and fruitful discussion, which will enable us to chart a path forward towards growth, innovation, and success in the industry, and meet our goal of bringing Indian Pharmaceuticals and Medical Devices to compete in the global market.
Shri Amitabh Kant said, “The PLI scheme is expected to make Indian manufacturers globally competitive; attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports; and make India an integral part of the global supply chain.