India Will Become The Center of The Pharma Industry
India will become the center of the medical device and pharma industry, legal reforms made for investment, millions of jobs will be created. Globally, the specialty chemicals sector has started moving away from European Union countries and the North American region towards Asia. India is preparing to take advantage of this, for which every necessary step is also being taken.
India can touch new heights globally in the pharma and medical devices sector. But for this, there is a dire need for research and development, with the help of which the sector’s share of gross domestic product (GDP) is expected to double. To achieve this goal, the government has made several reforms in this area.
Globally, the ‘specialty chemicals’ sector has started moving away from European Union countries and North American region towards Asia. India is ready to take advantage of this, for which every necessary step is also being taken. Particular attention has been paid to labor reforms. The government’s focus is on the pharma industry, which wants to reach $ 120 billion in the next few years.
Chemicals and Fertilizer Minister DV Sadanand Gowda says that to make the country a better one for investors, the government has made the corruption-free environment, substantial reforms in labor laws and other regulations industry-friendly.
Presently, the pharma sector is worth $ 65 billion, which is to be made by the year 2024 to $ 120 billion. While the medical device sector is growing at a growth of 28 percent annually, it could cross the $ 50 billion thresholds in the next five years.
The government has prepared a plan to set up a bulk drug and medical device park to achieve these goals. It is expected that with this, an investment of 78 thousand crores will be made in the country, in which 2.5 lakh employment opportunities will be created.
Significant progress has been made in this sector during the Corona epidemic. Domestically ventilators, PPE kits, and N-95 masks are being produced on a large scale. In view of these possibilities, the government is preparing to exploit this area to its fullest.
