With a vision to further strengthen India's position in the medical sector, Union Health Minister Dr. Mansukh Mandaviya will address the Investor Summit on 27 October. The initiative is a part of an expansion project undertaken by the Department of Pharmaceuticals and Invest India to upgrade the quality of pharmaceutical and medical devices in the country. Union Minister Mandaviya will attend the meeting, beginning from 10 am today, through a videoconference.
As per a press release by the Ministry of Chemicals and Fertilisers, the theme of the summit is "Opportunities and Partnerships in Pharmaceuticals and Medical Devices." The summit is expected to provide a scope for industrial participants to engage in detailed technical sessions several themes like - "unlocking the BioPharm opportunity: strengthening India's reputation as the BioPharma Hub to the World"; R&D Investments: Success stories from Indian Medical Devices Sector; Goal Vax: End to End integration for enhancing vaccine manufacturing capabilities; Financing startups in Pharma and Medical Devices sector: What is in the future for VC investments; From the Ground Up - deliberating on streamlining regulatory processes for investor approved under Production Linked Incentive (PLI) schemes for Bulk Drugs and Medical Devices.
As per the release issued by the Union Chemical and Fertilisers Ministry, the discussions at the regional forum will shed light on opportunities in the manufacturing of innovative products in bio-pharmaceuticals and medical devices in India, including biologics or biosimilars. This will find a place beside cell and gene therapy and expand the COVID-19 vaccine production capacity. The summit will also encourage investors looking to build global champions based in India by enhancing the products in the market.
On the other hand, PLI for Pharmaceuticals launched with an outlay of Rs. 15,000 crore has attracted considerable interest with about 278 company applications under the scheme, the statement by the Ministry mentioned. Reflecting on the same, the sunrise sector of the Indian BioPharma and Medical Devices market, which is at $11 billion market, does have potential to grow to a size of $50 billion in the next few years, the statement added. "It may be recalled that 13 companies have already been selected under the PLI scheme for medical devices earlier this year, which will support their investment in enhancing domestic manufacturing of targeted devices," the Union Ministry said.