Global trust earned by Indian healthcare sector has led to India being called pharmacy of the world: PM Modi

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New Delhi/Nov 18’2021-Prime Minister Narendra Modi has stressed on the vision to create an eco-system for innovation which will make India a leader in drug discovery and innovative medical devices. He emphasized on ramping up domestic manufacturing of key ingredients for vaccine and medicines saying that this is one frontier that India has to conquer.

The Prime Minister today inaugurated the First Global Innovation Summit of the Pharmaceuticals sector through video conferencing. Terming the Indian Pharma Industry a key driver of country’s economic growth, Mr. Modi said, high quality and quantity at affordable prices has generated immense interest in the Indian pharma sector around the world. He said, the Indian healthcare sector has attracted over 12 billion US dollar foreign direct investment since 2014.

Highlighting the role of Indian pharma sector during the Covid-19 pandemic, Mr. Modi said, the Indian pharmaceutical industry has also risen to the challenge. He said the global trust earned by the Indian healthcare sector has led to India being called the pharmacy of the world. He said India exported life saving medicines and medical equipments to over 150 countries during the initial phase of the pandemic. He added more than 65 million doses of Covid vaccines have been exported to nearly 100 countries.
Mr. Modi said, our definition of wellness is not limited by physical boundaries but India believes in the well-being of the entire humankind. He asserted that India has shown this spirit to the whole world during the Covid-19 global pandemic.

The Prime Minister said India has a large pool of scientists and technologists with a potential to take the pharma industry to greater heights. He invited the stakeholders to Ideate in India, Innovate in India, Make in India and Make for the World.

Chemical and Fertilizers Minister Dr Mansukh Mandaviya was also present on the occasion. Mr. Mandaviya said India is focussing on innovation and R&D of finished products in the pharma sector. He said India has announced various production-linked incentive schemes for pharma sector which will make the country self-reliant in the pharma and medical equipment sector.

The two-day Summit will have 12 Sessions and over 40 national and international speakers will deliberate on a range of subjects including the regulatory environment, funding for innovation, indusry-academia collaboration and innovation infrastructure. Leading members from domestic and global pharma industries, officials, investors and researchers from Massachusetts Institute of Technology, John Hopkins Institute, IIM Ahmedabad and other eminent institutes will participate in the summit.