Prime Minister Narendra Modi on Thursday inaugurated the Global Innovation Summit of the Pharmaceutical sector organised by the Indian Pharmaceuticals Association.
During the event, the Prime Minister lauded the role played by the Indian pharmaceutical industry during the pandemic and highlighted that the nation needs to ramp up domestic manufacturing of key ingredients for vaccines and medicines.
“We must think about ramping up domestic manufacturing of key ingredients for vaccines and medicines. This is one frontier that India has to conquer,” the Prime Minister said.
“Our vision is to create an ecosystem for innovation that will make India a leader in drug discovery and innovative medical devices,” he said.
The Prime Minister said that the spirit of innovation in the Indian pharmaceutical industry led to India being at the forefront of Covid-19 vaccine production as well as a major exporter of PPE kits.
“We exported lifesaving medicines and medical equipment to over 150 countries during the initial phase of the pandemic. We have also exported more than 65 million doses of Covid vaccines to nearly 100 countries this year,” he added.
PM Modi said due to Covid-19 every aspect of the healthcare sector was brought under global focus over the last two years. “The Indian pharmaceutical industry has been a key aspect for the Indian economy. The Indian healthcare sector attracted over $12 billion in FDI since 2014,” PM Modi said.
The event was also attended by Union health minister Mansukh Mandaviya and industry leaders like Cadila Healthcare CEO Pankaj Patel and 40 other national and international speakers who will discuss a range of issues related to pharmaceutical sector like regulatory environment, funding for innovation, industry-academia collaboration, and the innovation infrastructure etc.
Mandaviya, during the event, said PM Modi’s vision of a self-reliant India helped the pharmaceutical industry, especially during the Covid-19 period. “The Indian pharmaceutical industry thrived during the Covid-19 and provided critical drugs and medical essentials to more than 150 nations,” Mandaviya said.
Cadila CEO Patel and Mandaviya both also highlighted that India’s vaccination drive was supported by the Aatmanirbhar Bharat which also led to developments of the India-made vaccine Covaxin, developed by Hyderabad-based pharma major Bharat Biotech. He also said that the Indian pharmaceutical sector will grow exponentially within the next decade.