India can become the capital of generic medicines: Vice President Venkaiah Naidu

Vice-President of India Venkaiah Naidu on Friday said that the pharma industry is an important stakeholder in the growth of India and that the country can be made global capital for generic medicines. Naidu said this while addressing the 70th Indian Pharmaceutical Congress at Amity University in Noida.

Speaking about the significance of the country globally when it comes to production of medicines, he said,“Pharma industry is an important stakeholder in the growth of India. The Union Budget 2017-18 shows an increase of 23% in health expenditure, which will benefit the pharma industry. Our knowledge in medicine has been since time immemorial and the country has successfully maintained its legacy in being a major stakeholder in pharma globally. If it maintains this tempo, India will soon become an international capital for generic medicines.”

“The government has proposed amendment to the Drugs & Cosmetic Rules which will ensure the availability of generic medicines at affordable prices to promote their use. The government and the pharma sector need to harness the power of information technology,” said Naidu.

“The need of the hour is to talk of development and constructive, positive ideology which is India-centric. India is developing and moving forward even when the global economy is going down. Reports from institutions such as World Bank, International Monetary Fund and Moody’s have vouched for India, saying that it is poised to be world’s third largest economy,” said Naidu.

The three-day event in Noida will focus on Women Empowerment and Training and Placement Committees for the first time, thereby boosting women and student growth in the industry. The leaders present at the congress will discuss issues on generic formulations; diagnostics and medical devices, along with other sections of pharma industry.

“There have been many positive developments in the past few years in India. The launch of Ayushman Bharat by Prime Minister Narendra Modi is highly valued and will provide means for the pharma industry to serve the underserved. Schemes such as Pradhan Mantri Jan Aushadhi Kendra will also provide generic medicines at their outlets at affordable rates ,” said Dilip Shanghvi, president, 70th Indian Pharmaceutical Congress.

First Published: Dec 22, 2018 12:01 IST