Highlighting the immense potential of this sector, Mandaviya stated "India's pharmaceutical sector, called the Pharmacy of the World, will be contributing more in the coming years for the domestic needs and to cater to global demand too.

On Friday, Union Minister of Health and Family Welfare, Mansukh Mandaviya unveiled the National Medical Devices Policy, 2023, and launched the Export Promotion Council for Medical Devices. Additionally, the Union Minister also launched a scheme titled ‘Assistance for Medical Devices Clusters for Common Facilities (AMD-CF)’. This scheme aims to establish and strengthen common infrastructure facilities in the medical devices clusters and fortify testing facilities for medical devices. 

Mandaviya also addressed the gathering at the 8th International Conference on Pharma and Medical Device Sector organized by the Department of Pharmaceuticals in association with the Federation of Indian Chambers of Commerce and Industry (FICCI) for two days to promote India as a manufacturing hub of quality medical products in the pharmaceutical and Medical Device Sector.

Highlighting the immense potential of this sector, Mandaviya stated "India's pharmaceutical sector, called the Pharmacy of the World, will be contributing more in the coming years for the domestic needs and to cater to global demand too." 

Declared as a sunrise sector, the Health Minister emphasized that this is an emerging manufacturing hub that has seen phenomenal progress with the implementation of production-linked incentive schemes and investments for medical drug parks.

"Our competitive advantage over other nations is price competitiveness and quality". He further added, “If we are to continue being 'Pharmacy of the World', there can be no laxity with the quality of our pharmaceutical products, our products should also be affordable and competitive in the global market.”

Emphasizing that the Government is committed to supporting the sector with industry-friendly policies and investor promoting ecosystem, he added that “the government advocates a holistic approach for growth taking into account deep stakeholder consultations enabling a comprehensive, long-term policy ecosystem.” 

Mandaviya also focused on investments in research and development, building efficient manufacturing capacities along with creating ample opportunities for innovation that support a vibrant ecosystem for this sector.

Highlighting the role of Government in supporting the medical device industry, the Minister of State noted “Various initiatives in the form of Production Linked Scheme for Pharmaceuticals and Medical Devices have served to catalyze growth and development in this sector and enable the industry to evolve in the value chain from being manufacturers of generics to high-value patented drugs, new technologies like cell and gene therapy, precision medicine amongst others.” He reiterated that the potential must be channelled and supported with substantial resources to achieve the potential this sector holds.” 

Following the inaugural session, a CEO roundtable was chaired by Mandaviya that facilitated stakeholders in deliberating on the existing issues as well as discussing avenues for growth of the sector on a national as well as international forum.