India’s Pharma Sector Set for Expansion with New Greenfield Manufacturing Plants

ENA Sectors 2024-09-27 16:15:43 New Delhi, Sep 27 (KNN) India is poised for a significant expansion in its pharmaceutical manufacturing capabilities, with plans to establish 50 new greenfield pharma manufacturing plants over the next two years. This development is under the auspices of the Production-Linked Incentive (PLI) scheme for pharmaceuticals and medical devices, as confirmed by Arunish Chawla, Secretary of the Department of Pharmaceuticals (DoP), during the Annual Pharma Summit organised by the industry body Assocham. As the Make in India initiative reaches its tenth anniversary, Chawla highlighted the success of the PLI schemes, noting that 50 new manufacturing plants have already become operational in the last two years. He expressed confidence that the upcoming plants would bolster Indias status as a global manufacturing hub. The PLI schemes in the pharma and medtech sectors have been a success, with more than 50 brand-new greenfield pharma and medical device manufacturing plants already becoming operational, and 50 more in the pipeline, he stated. One of the key achievements attributed to the PLI initiatives is the remarkable export growth from India. Chawla revealed that these plants have facilitated approximately USD 10 billion in exports to nations with stringent regulatory standards over the past two years. This statistic is a testament to the evolving landscape of India's pharmaceutical sector, which is shedding its long-held identity as a mere importer of bulk drugs. Chawla dispelled the myth that India relies heavily on imports for bulk drugs, asserting that the nation exported as much in bulk drugs as it imported in the last year. The Indian pharma industry has achieved a trade balance in bulk drugs, with more than 50 percent of drugs and pharmaceuticals produced in the country being exported in both volume and value last year, he emphasized. Moreover, the medtech sector also showed robust growth, with exports surpassing imports in the surgical and consumable categories. With these advancements, pharmaceuticals and medical technologies have officially become the fourth-largest sector for merchandise exports in India, following automobiles, petrochemicals, and electronics. Chawla concluded by noting that India has experienced double-digit growth in emerging sectors such as imaging devices, body implants, and in vitro diagnostics (IVDs). This growth trajectory underscores India's potential to emerge as a key player in the global pharmaceutical and medical technology landscape, enhancing both its economic strength and healthcare capabilities. As the PLI schemes continue to thrive, the future of Indias pharmaceutical industry appears promising. (KNN Bureau) 39428 https://knnindia.co.in/news/newsdetails/sectors/indias-pharma-sector-set-for-expansion-with-new-greenfield-manufacturing-plants 2024-09-27 16:15:43 knnindia.co.in India’s Pharma Sector Set for Expansion with New Greenfield Manufacturing Plants