India's Pharmaceutical Industry Emerges as Key Economic Pillar

The Indian pharmaceutical sector is playing a crucial role in the nation's economy, bolstered by initiatives like the Production-Linked Incentive scheme, as emphasized by Arunish Chawla, Secretary of the Department of Pharmaceuticals.

The Indian pharmaceutical industry is rapidly becoming a cornerstone of the national economy, said Arunish Chawla, Secretary of the Department of Pharmaceuticals, during the 10th-anniversary celebration of the Make in India initiative. Chawla cited the sector's substantial growth.

"We are working on various fronts; many initiatives have come up; quality is our mission. We aim to make India a reliable pharmacy of the world," Chawla stated. He added, "The pharma industry is the rising tiger of the Indian economy. We've completed 10 years of the Make in India initiative, marking a significant success."

A key driver of this growth has been the Production-Linked Incentive (PLI) scheme, which has bolstered domestic manufacturing in both the pharma and medical-tech sectors. Chawla noted, "The PLI scheme has been incredibly successful. We now have 50 greenfield plants operational, with 50 more in the pipeline. Our exports have increased, showing double-digit growth year-on-year."

This initiative not only strengthened India's manufacturing base but also drew significant global interest. "Major global pharma companies are expanding their presence in India," Chawla remarked, highlighting India's rising status in the global pharmaceutical supply chain. The Indian pharma industry became export-oriented last year, exporting over 50% of its output.

Furthermore, the Indian pharma sector is seeing a rise in Contract Research, Development, and Manufacturing Organisations (CRDMOs). Chawla emphasized, "Numerous CRDMOs are emerging in India. Our innovation and regulatory framework are constantly evolving. The pharma industry is indeed the rising tiger of the Indian economy."

(With inputs from agencies.)