| |SEPTEMBER 20248INDIAN PHARMA SECTOR TO PLAY A CRUCIAL ROLE IN GLOBAL MARKETSUNFOX BAGS RS 15 CRORE IN PRE-SERIES FUNDING FOR CARDIAC INNOVATIONSThe Indian pharmaceutical sector is set to bolster its position in the global market, said K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil). During the closing day of iPHEX 2024, Bhanu emphasized India's significant and transformative role in the worldwide pharmaceutical industry, highlighting its contributions to healthcare progress and economic development.He also mentioned that there are intentions to expand iPHEX to the Global South in the future in order to strengthen the Indian pharmaceutical industry.The grand event kicked off on August 28, 2024, at IEML Knowledge Park-II, Greater Noida. iPHEX 2024 is a significant occasion, serving as the biggest opportunity to display the complete range of Indian pharmaceutical products to an international audience. Pharmexcil is hosting a gathering that serves as a center for innovation, teamwork, and industry perspectives.The worldwide pharmaceutical industry is projected to reach USD 1,922 billion by 2028, with a compound annual growth rate (CAGR) of 5.1 percent from its 2023 value of USD 1,493 billion. In this growing market, the generic drug sector is expected to increase from USD 482 billion in 2023 to USD 664 billion by 2028, with a compound annual growth rate (CAGR) of 6.6 percent. The generic drug market is dominated by the Asia-Pacific region with a value of USD 224 billion, with Europe following at USD 125 billion. North America ranks third with USD 89.5 billion, followed by Latin America at USD 23.4 billion, Africa at USD 9.8 billion, and the Middle East at USD 9.5 billion. POSunfox Technologies, the health tech startup known for its participation on Shark Tank India, has secured an extra Rs 15 crore in a pre-series funding phase. Existing investor Venture Catalyst led the round, with new investors including Finvolve via the IA Growth Opportunities Fund I and Brew Opportunities Fund, as well as Universal Group, KP Singhvi Group, and various high-net-worth individuals (HNIs). This additional funding adds to the previous Rs 5 crore investment by USAID through SAMRIDH Health and LetsVenture, increasing the total raised in this round to Rs. 200 million.Sunfox is prepared for fast growth in India and worldwide with the help of the fresh capital, concentrating on expanding its main innovation, Spandan. Spandan is a portable ECG device that uses a smartphone to provide users with clinically accurate 12-lead ECG readings, enabling them to detect heart attacks and monitor cardiac health in real time. Spandan has been utilized by more than 30,000 people in 20 countries and has already prevented over 10,000 deaths by detecting heart conditions early. This technology is essential as India faces a rise in heart attacks following the Covid-19 pandemic.Sunfox, based in Dehradun, a Tier 2 city, is challenging the conventional wisdom that only metropolitan cities produce groundbreaking health tech advancements. The company has built a state-of-the-art in-house research and development center and manufacturing facility in the mountainous state, attracting global interest from renowned institutions like Oxford and Wharton. POTOP STORIES
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