Every third tablet consumed globally is manufactured in India, Union Minister of State for Science and Technology Dr Jitendra Singh said here on Wednesday at the CII Pharma & Life Sciences Summit.
“Building India as a hub for affordable and high quality medicines is really commendable. We are already in third place in terms of drug production by volume and 14th by value,” he added.
A recent Central Drug Standard Control Organization (CDSCO) study of 48,000 drug samples from all states revealed an incidence of counterfeit drugs of only 0.0245%. However, as goods travel through different climatic regions, improving the infrastructure and efficiency of transporting pharmaceuticals is vital to ensure their efficacy.
The minister said that the next industrial revolution will be driven by biotechnology sector. “Prime Minister Narendra Modi wants us to lead him. Thanks to initiatives like PLI (Production Linked Incentive) scheme, India is on track to become a global leader in biopharmaceuticals, biomanufacturing and life sciences by 2030,” Singh added.
India’s bioeconomy has grown 13-fold in over 10 years, thanks to a thriving ecosystem of nearly 6,000 biostartups. To maintain this momentum, the industry must continue to invest in research and development, support young entrepreneurs and foster a robust startup ecosystem. The Anusandhan National Research Foundation (ANRF) with a budget of Rs 50,000 crore over five years marks a transformative step in building a knowledge-based society. By addressing infrastructure shortages in universities, the ANRF will stimulate collaboration between industry and academia, especially in sectors such as advanced materials, electric vehicle mobility and health technology, he said.
“India’s emergence as a hub for affordable, high-quality medicines is laudable” – Times of India
