India's Ambitious Push for Pharma and Healthcare Resilience

A Centrum report highlights India's new policy initiatives designed to fortify the pharmaceutical and healthcare sectors. The government introduces production-linked incentives, bulk drug parks, and the PRIP scheme to enhance domestic production, promote research, and ensure drug security, aiming to reduce dependency on imports and bolster growth.

India's government is charting a robust path to strengthen its pharmaceutical and healthcare industries. According to a recent report by Centrum, the nation's policy initiatives, including production-linked incentive schemes, are expected to fortify domestic manufacturing capabilities and provide resilience against global disruptions.

The country's initiatives, such as bulk drug parks and the Promotion of Research & Innovation in Pharma-MedTech Sector (PRIP) scheme, aim to boost critical drug production and enhance research capabilities. With significant financial backing, these schemes intend to reduce manufacturing costs, improve competitiveness, and ensure a steady supply of essential pharmaceutical components.

The introduction of AYUSH promotes alternative therapies, positioning it as a rapidly growing sector. With manufacturing growth from USD 3 billion in 2014 to USD 23.3 billion in 2022, the government's focus on increasing healthcare spending is expected to propel sector growth further.

(With inputs from agencies.)