Govt plans to establish pharma & medical technology zone at Bengaluru

Talking about the achievements of the pharma sector, Ananth Kumar said that the industry has achieved a compounded annual growth rate (CAGR) of over 15 percent and expressed confidence that the sector would be worth $ 55 billion by 2020 from the present $ 32 billion. India accounts for around 20 percent of the world’s generic medicine supply chain, exporting to over 250 countries globally. Indian pharma industry provides over 60 percent of global vaccines. “In this fiscal year, the Indian Pharma sector has received Foreign Direct Investment (FDI) close to $14 billion and has generated employment for over 2.5 million people across India,” informed Ananth Kumar.

Highlighting the long pending issues addressed by the government to promote Ease of Doing Business in pharma and medical devices sector, he said, “Correction of the inverted duty structure for medical devices, withdrawal of extension duty on imports to promote domestic manufacturing of bulk drugs and bringing about a fair, transparent, predictable and level playing field in the sector etc, has been done by the government. The government will maintain this stability for the sector in the future as well.”

Siddaramaiah, Karnataka Chief Minister, said, “This is the second time Karnataka is hosting this conference on medical device & pharmaceutical sector, thus giving the state an opportunity to emerge as the desired destination for investments under pharma  & medical devices sector and give a boost to Make in India mission in this sector.” The state pharma industry constitutes 264 manufacturing units that include small-medium, large, public sector and multinational companies. The state stands fifth in pharmaceuticals exports with 40 percent of its pharma produce being exported overseas, he added.