To become self-reliant, Union Commerce and Industry Minister of India, Piyush Goyal advised the domestic pharmaceutical sector to develop its generic medicine segment and provide greater synergy between input and output of products. Goyal, speaking at an event organised by the Indian Drug Manufacturers’ Association to mark its Golden Jubilee celebrations, urged the industry to plan for the long term in an attempt to face global supply chain challenges.
The incredible progress made during the last ten years should be continued to guarantee that the nation will become self-sufficient. Supply chains are becoming more difficult to predict all throughout the world. The difficulties are becoming unbelievably severe, Goyal stated.
According to him, it is absolutely crucial that one focuses not just on the capabilities in the generic area but also guarantees strong backward and forward linkages, the minister added in this case.
The idea is to plan for the long term to become increasingly self-sufficient, and with that, one will enter the world with the self-belief of a powerful country participating on equal terms with the world for a positive tomorrow for the sector, Goyal said, adding that India’s goal should be to become the world’s healthcare caretaker. The minister stated that every country protects its key businesses, stressing the need for industry cooperation. Goyal said that he believes India’s core industry, hand’s down, is the pharma industry.
Adding to that, the minister also remarked that he hopes several manufacturers in the pharma business are taking advantage of the plan, referring to the government’s production-linked incentive programme for the creation of active pharmaceutical ingredients plus medical devices. He believes it is critical for the industry to experiment with product development and to break new ground in clinical research.
Keeping up with new advancements and good manufacturing practises should be very crucial to India’s international competitiveness, is what Goyal opines. He went on to confirm that the government’s inclination to formulate free-trade agreements with various countries will pave the way for quicker global approvals of Indian pharmaceutical items.