The Union Minister of Health and Family Welfare and Chemicals & Fertilizers, Mansukh Mandaviya on Friday said, “There is a need to harness India's vast potential in the pharmaceutical and medical devices sectors.” Addressing the inauguration of the 8th edition of the International Conference on ‘India Pharma & India Medical Device 2023, the Minister highlighted the government's collaborative approach, and said that transformative outcomes have been achieved in these sectors through discussions between the government and industry. 

Drawing attention to India's reputation as the 'Pharmacy of the world,' the Minister stressed the importance of maintaining quality and affordability in the pharmaceutical sector. "Bargaining with quality tarnishes our world-class reputation, which is non-negotiable," noted Mandaviya, while urging the industry cooperation in upholding high standards.

The Minister mentioned the government's upcoming plans for a basic chemical and API-related PLI, indicating the continuous efforts to strengthen the industry. He also stressed on the government's consultative approach, where policies are shaped through discussions and feedback from industry stakeholders.

Dr Mandaviya further called the industry to join hands with the government in advancing India's reputation and unleashing its full potential. With a clear focus on quality, affordability, and collaboration, the Minister expressed optimism for a bright future in the pharmaceutical and medical devices sectors.

Bhagwanth Khuba, Minister of State Chemicals & Fertilisers, Government of India said, “We must understand that the Indian medical sector is very important as well as challenging. Today the Indian Pharma and Indian Medical Device sector market is 12 billion USD which is 1.3 per cent of the global market. Therefore, we can set a target of growth to achieve it in a time-bound manner. Medical devices in India are in demand today, and India will be expected to produce 10-12% of the sector’s requirement over the next twenty-five years.”

S Aparna, Secretary, Department of Pharmaceuticals, Government of India, highlighted, "Unfailing adherence to the best quality with the product we produce for both the national and international markets, we shall significantly pay enough attention to be a cost-based competitive industry to a value-based competitive industry and to ensure that research and innovation are integral for the growth of the industry in future with a right ecosystem in place. Capturing more of the global value chain is our major aspiration, especially from the global south, to maintain and provide quality products at an affordable and reliable price.”