Piyush Goyal on Pharma Industry: Union Industry and Trade Minister Piyush Goyal on Friday asked the domestic pharmaceutical industry to strengthen itself in ‘Generic Medicine’ and ensure better coordination between raw material and production of medicines. Generic Medicines means those medicines, after the expiry of the patent, companies other than the parent company are allowed to make them. These drugs are relatively cheap.
Growth must continue
Addressing the Golden Jubilee celebrations of the Indian Drug Manufacturers Association, Goyal said that the pharma industry should make long-term planning to meet the challenges related to the international supply chain. He said that the tremendous growth seen in the last 10 years should be maintained even further so that we can become self-reliant.
getting harder to predict
It is becoming increasingly difficult to make some predictions about the international supply chain. The scope of the challenges is becoming more serious than imagined. Goyal said that in such a situation it is necessary that we not only focus on our strength in the field of generic medicines but also maintain the synergy between our raw material and production.
plan to become self-reliant
He said that we should plan to become more and more self-dependent in the long run. In this way we will go before the world with the confidence of the mighty country and work on equal terms with the world for a better future of our industry. Goyal said that India should walk with the intention of becoming the custodian of the health care sector of the world. He said that every country protects its main industry and I believe that for us this major industry is pharma.
He also mentioned the PLI scheme introduced by the government for the manufacture of components used as raw materials in pharmaceutical manufacturing and medical devices. He said that I hope that many manufacturers of the pharma industry are taking advantage of this scheme. Goyal said that having free trade agreements with many countries will open the way for easy approval of Indian pharmaceutical products across the world.