FDI inflows in India's pharma sector saw 202% growth: Health Minister
PremiumThe coronavirus pandemic has further propelled the growth of the pharma sector in the country
Union Minister for Health and Family Welfare, Mansukh Mandaviya, has said that the pharmaceutical industry has emerged as a favorite destination for foreign investors.
The coronavirus pandemic has further propelled the growth of the pharma sector in the country. The US-China trade tensions and the aftermath of covid pandemic and have created a huge opportunity for India.
“Indian pharmaceutical sector under PM @NarendraModi Ji's leadership has emerged as a favorite destination for foreign investors," Mansukh Mandaviya tweeted.
He further added that India's pharma sector witnessed unprecedented growth of 202%
“Despite #Covid19, FDI inflows in India's pharmaceutical sector witnessed unprecedented growth of 202%," read his tweet.
Addressing 'Indian Pharma - Global Health Care' event to commemorate the Diamond Jubilee of Indian Drug Manufacturers' Association (IDMA) in Mumbai on 14 April, Union Health Minister underlined how government initiatives such as Production Linked Incentive Scheme has been benefiting the sector.
"Through Production Linked Incentive Scheme, the government has tried to reduce imports by encouraging domestic manufacturing of pharmaceuticals. PLI scheme has led to initiate production of more than 35 products in India," he had said.
"The extraordinary growth of foreign investments in the pharma sector is mainly on account of investments to meet COVID-19 related demands for therapeutics and vaccines," according to the Economic Survey.
Stating that the Indian pharmaceutical industry ranks third in the world in production by volume, the Survey said that during 2020-21, the total pharma export stood at USD 24.4 billion as against the total pharma import of USS 7.0 billion, thereby generating a trade surplus of USD 17.5 billion.
"India is the largest supplier of generic medicines with a 20 per cent share in the global supply," said the Survey for 2021-22.