Health
Pharma industry sees nearly double the value added compared to other sectors, says Arunish Chawla of ET HealthWorld
The pharmaceutical industry in India is a significant contributor to the country’s manufacturing output, representing 3.5 percent of the total value and 7.5 percent of the manufacturing industry’s gross value added. Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, highlighted the industry’s potential at PHDCCI’s 8th PharmaMed HD event in New Delhi. He mentioned that the pharmaceutical sector, along with automotive electronics and medtech, could become the third-biggest manufacturing sector in India by 2030, reaching up to 10 percent.
Chawla emphasized the importance of deepening the value chain, upgrading quality standards, and promoting research and innovation in the pharmaceutical industry. He also mentioned the launch of various schemes and initiatives to support the sector’s growth and development. Cristina Ritter from the UN Global Compact discussed the concept of transformational governance, urging businesses to adopt sustainable and responsible practices.
Dr. Sameer Gupta and Atantra Das Gupta from PHDCCI shed light on the potential of the Indian medical technology industry and the growth opportunities in the medical device sector. They discussed the need for categorizing medical devices, investing in infrastructure, and fostering collaboration between industry and government. Atul Sharma from Involution Healthcare Pvt. Ltd. highlighted the industry’s independent status and the importance of technology adoption, such as AI, for driving growth in diagnostics.
Overall, the pharmaceutical and medical technology industries in India are poised for significant growth and innovation, with a focus on quality standards, research, and collaboration between stakeholders. The sector’s progress aligns with the Make in India initiative, aiming to establish India as a key player in the global healthcare market.
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