India is already known as the ‘pharmacy of the world’, but there is still huge scope for the country to further boost its exports of pharmaceutical products by entering the global value chain system. This was stated by Sunil Barthwal, Secretary of the Federal Ministry of Commerce and Industry, during an interaction with industry leaders at the International Pharmaceutical Exhibition (IPHEX) 2024.
Barthwal emphasized that the Department of Commerce has identified the pharma sector as an important one. He said that by creating a healthcare sector value chain, similar to the mobility chain developed by the automobile industry which brought together all component manufacturers, helped increase exports and find new markets.
Similarly, Barthwal suggested, the Indian pharma industry should include medical devices manufacturers, diagnostic companies, and hospitals, and offer total healthcare packages to the world at affordable prices. This can be done without losing the focus on manufacturing pharmaceutical products.
The secretary said that the global debate is moving toward affordable medicines and removing trade barriers and product patents. He mentioned the Free Trade Agreements that India is inking with various countries, as well as other measures, such as stopping the fresh trial system for U.S. FDA-approved products. Removing these technical barriers can help create a level playing field for Indian companies per WTO rules, he noted.
The IPHEX 2024 exhibition, organized by the Pharmaceutical Export Promotion Council and the Ministry of Commerce and Industry, showcased the products and technologies of more than 400 major Indian pharma companies. Over 400 overseas delegates and buyers from around the world participated in the event.
The Indian government is actively working to facilitate the growth of the country’s pharmaceutical industry by addressing key challenges and creating opportunities to boost exports.
