The government is now encouraging the Small and Medium Enterprise (SME) sector to increase exports in the Pharmaceuticals and Medical Device sector. Moreover, the government’s focus is on foreign investment in the sector. The country is in the process of setting up three medical technology parks in Andhra Pradesh, Maharashtra and Gujarat.
“We want India to become an attractive investment destination in this sector in areas such as research and developments and clinical trials by promoting joint ventures with Indian manufacturers,” said Ananth Kumar, Union Minister for Chemicals and Fertilizers.
“India needs to have a lion’s share in manufacturing of Active Pharmaceutical Ingredients (API) and bulk drug formulations with special emphasis on manufacturing of medical devices,” he said.
With common manufacturing facilities and consolidated raw material procurement, the upcoming parks will reduce cost of production, officials claim. Many skill development and training programmes are also underway.
“India has obtained authorisations from highly regulated markets like the US and Europe for high technology products. These include inhalers of Salmeterol and Fluticasone combination,” said Madan Mohan Reddy, Chairman, Pharmaceuticals Export Promotion Council (Pharmexcil), under Ministry of Commerce and Industry.
Indian medical device manufacturers have significant focus on ‘designing-to-cost’ factor owing to the price sensitivity in the Indian market.
IBEF has come on board as the brand partner of the Arab Health 2017, the largest healthcare exhibition and medical congress in the Middle East, and the second largest in the world, that started on January 30 and will go on till February 2 in Dubai. More than 100 Indian companies are participating. The Pharmexcil and EEPC India are showcasing India’s strengths in the medical devices sector with the IBEF at the expo.
Source: DNA India