Govt Aims to Grow the Pharma Industry By Four Times Says Arunish

The government aims to grow the pharmaceutical industry by about four times to $200 billion by 2030, Arunish Chawla, secretary, department of pharmaceuticals, said.The sector should be able to achieve the target through the help of industrial academia and production-linked incentives announced for industrial research and development, he said on the sidelines of the Confederation of Indian Industry (CII) summit, as per livemint.“We are already achieving double-digit growth year on year. We need to sustain the momentum and accelerate further and also adapt to the structural changes that are coming in the industry and the medical technology sector the world over," Chawla said.And to rise to that challenge, we have initiated the production-led incentive scheme, but not just for formulations, but also bulk drugs, drug intermediates, and the meditech sector, which are the rising sectors of our economy," he added added.“And in these sectors, along with this, we are strengthening the industrial support schemes, including common facilities and assistance that we can provide to the industry, dovetailed with research and development where both public and private resources can be brought together.These, put together, will help us achieve the challenge, and we are working very closely with the industry to do that."The PLI program and the allure of the Indian market have enticed corporations such as GE Healthcare, which intends to expand medical technology manufacturing in the nation. A total of 26 projects have been authorized under the PLI plan for medical equipment, with a total committed investment of 1,206 crore. A total investment of 714 crore has been made as a result of this.