 "Time for Indian pharma industry to move to value leadership: Mandaviya")
Time has come for the Indian pharmaceuticals industry to move from 'volume' to 'value' leadership to capture global market and the government is committed to supporting companies with industry-friendly policies, Union minister Mansukh Mandaviya said on Saturday.
Addressing an interactive session with Indian Pharmaceutical Alliance, the Minister for Chemicals & Fertilizers and Health & Family Welfare also asked the homegrown firms to learn from global best practices and develop own models to meet domestic demand while increasing international footprint.
"Let us move from 'Volume' to 'Value' leadership to capture global pharmaceutical market," an official statement said, quoting Mandaviya.
He further said, "It is time to accumulate knowledge from global best practices in research, manufacturing and innovation and develop our own models focused on accelerating production to meet the domestic demand while increasing our global footprint."
The minister also pushed for making the pharmaceutical sector leapfrog in its growth trajectory in the upcoming years.
"We already have the required 'man power and brand power' and Indian companies today are at an inflexion point to capture top global positions," he said.
Stating that India has been acknowledged as "pharmacy of the world" based on its generic medicines production and the volume share in global market, Mandaviya said it is time to move ahead and capture the top global positions based on the value too.
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"Let us learn from global best practices, and develop our own models for meeting domestic demand while increasing global footprint," he added.
Reiterating the importance of long-term policies which provide stability to the industry, the minister also emphasised that the government is committed to supporting the pharma companies with industry-friendly policies and investor promoting ecosystem.
"This government believes in taking a holistic approach. Our policies are based on extensive and comprehensive stakeholder consultation which provide the basis for comprehensive, long -term and vibrant policy ecosystem, he asserted.
At the same time, he said, "We need to move ahead with the pharma industry being at the forefront in taking lead and proposing their own models and initiatives in expanding manufacturing capacity, invest in innovative technologies and focus on research and development.
Mandaviya further said, "The government will strengthen the sector through streamlining policies and effective schemes such as the PLI which support cutting edge research."
The objective of the meeting with the leaders of the industry was to discuss India's Pharma Vision 2047 and roadmap for the Indian pharmaceutical sector, the statement said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)