India’s Pharma Exports Surge Amid Global Slowdown: Govt Official

New Delhi, Oct 10 (KNN) In a significant development for India's pharmaceutical and medical technology sectors, export growth is expected to remain robust in the current fiscal year, despite global economic headwinds.

This was revealed by a senior government official during the CII Pharma and Life Sciences summit on Wednesday.

Arunish Chawla, Secretary, Department of Pharmaceuticals, announced that India is poised to produce 16 blockbuster molecules targeting a wide range of therapeutic areas, including cancer, diabetes, HIV, and tuberculosis. This initiative is part of the government's enhanced support for drug development in the country.

Chawla highlighted the recent export trends, noting that despite a general slowdown in global exports, Indian pharmaceuticals, biotech, and bulk drug exports have experienced double-digit growth over the past year. 

In the first four months of the current year, these exports have become the fourth largest merchandise export item for the Indian economy, marking a significant milestone for the sector.

The official expressed confidence in the continued robust performance of both the pharmaceutical and medical technology industries. 

He pointed out that India has become an export-oriented industry in consumables and surgical spaces, with growing exports in imaging devices, body implants, and in-vitro diagnostics.

Regarding drug development, Chawla revealed that recent patent cliff studies have identified 26 blockbuster molecules, with 16 currently in various stages of approvals and manufacturing licences. 

These molecules, comprising both small and large entities, are targeted at major therapeutic segments and are being developed primarily by Indian companies utilising incentives from the Production Linked Incentive (PLI) scheme.

The Drugs Controller General of India (DCGI) has already granted approvals for some of these molecules. The government is now focusing on developing upstream value chains for biological entities, including basic molecules like amino acids, nucleotides, and vaccine raw materials.

Chawla also mentioned the government's plans to facilitate the development of cell and gene therapies and associated healthcare ecosystems. 

These initiatives are expected to further bolster India's position in the global pharmaceutical and medical technology markets, positioning the country as a rising power in these critical sectors.

(KNN Bureau)