'Time to move from 'Volume' to 'Value' leadership in Pharma market'

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IANS | 02 Jul, 2022
Let us move from 'Volume' to 'Value' leadership to capture global pharmaceutical market, said Union Health Minister Mansukh said on Saturday.

He told the leaders of Pharma industry that it is time to accumulate knowledge from global best practices in research, manufacturing and innovation and develop own models focused on accelerating production to meet the domestic demand while increasing global footprint.

Mandaviya was discussing India's Pharma Vision 2047 and roadmap for the Indian pharmaceutical sector with Indian Pharmaceutical Alliance.

The session discussed the current position of the pharma industry in India, key initiatives taken by the Government in the last few years and collaborative steps that will help India realize this vision.

"We already have the required man power and brand power and Indian companies today are at an inflexion point to capture top global positions", said Mandaviya, adding that India has been acknowledged as pharmacy of the world based on its generic medicines production and the volume share in global market. It is time to move ahead and capture the top global positions based on the value too, he stressed.

Emphasising that the Government is committed to supporting the Pharma Companies with Industry-Friendly policies and investor promoting ecosystem, he said, "This Government believes in taking a holistic approach. Our policies are based on extensive and comprehensive stakeholder consultation which provide the basis for comprehensive, long-term and vibrant policy ecosystem".

The government will strengthen the sector through streamlining policies and effective schemes such as the PLI which support cutting edge research, he said. Apart from policy front, Mandaviya also focused on the investments in research and development, efficient manufacturing capacities along with creating ample opportunities for innovation that is the need of the hour now.