The Production Linked Incentive (PLI) scheme for the pharma sector will give a boost to the industry and has the potential to make India a pharma hub. Union Minister for Health and Family Welfare and Chemicals & Fertilizers Dr. Mansukh Mandaviya said while inaugurating the Investor Summit - “Opportunities and Partnerships in Pharmaceuticals & Medical Devices” via video conferencing.

The summit was organized by the Department of Pharmaceuticals, in partnership with Invest India as part of the vision to further strengthen India’s position globally in terms of Pharmaceuticals and Medical Devices.

He underlined the fact that India will become a huge market for medicines and medical devices. He added that under Ayushman Bharat-PMJAY, 10 crore families will stand to benefit. This will create demand for drugs and medical devices, which will benefit the pharma industry in India

Expressing his happiness, Dr. Mandaviya said that India is rightly called the pharmacy of the world. It is the largest manufacturer and supplier of generic medicines. During Covid-19, it supplied medicines to more than 150 countries. It shows that the pharma industry is not just a business in India; it is connected with our sentiments.”.

The sector has witnessed a substantial increase in investments. FDI increased 98% year on year in 2020 and pharma exports from India grew by 18% in the last financial year.

He said that under the Make in India Project, Prime Minister Shri Narendra Modi has invited investors from all across the world to invest in India.

Welcoming all the industry captains and investors, Secretary, Department of Pharmaceuticals said that with proven quality manufacturing capabilities and constant support of the government, India is poised to achieve the vision of Atmanirbhar Bharat in the Pharma sector.

Senior officers of the Department of pharmaceuticals and Invest India were present at the event.