Healthcare sector value chain can boost Indian pharma exports: Commerce Secy
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
While India is already known as the 'pharmacy of the world', the country also has huge scope to enter the global value chain system to further boost exports of pharma products, said Sunil Barthwal, Secretary, Union Ministry of Commerce and Industry on Thursday.
He said this during an interaction with pharma sector industry leaders at the ongoing three-day International Pharmaceutical Exhibition (IPHEX) jointly organised by the Pharmaceutical Export Promotion Council and the ministry.
“The Department of Commerce has included pharma as an important sector. By creating a healthcare sector value chain on the lines of the mobility chain created by the automobile industry, the exports of pharma products can increase in a big way,” said Barthwal.
He added said that “the mobility chain created by the automobile industry has included all component auto linked part manufacturers including tyre, engine, brakes, steel makers and other related parts”.
This, he said, helped in increasing exports and finding new markets.
“Similarly, the pharma industry should include medical instrument manufacturers, diagnosis, hospitals, etc, and offer total packages to the world for both pre and post-health care at affordable prices. This can be done without losing the main focus of manufacturing pharma products,” the Secretary said.
He further noted that there are opportunities to increase pharmaceutical trade and provide affordable medicines and health care to many countries, including in Africa.
“Pharma should also look at emerging markets. Worldwide over including in the US, the debate is going on for moving towards affordable medicines and removing trade barriers and product patents,” Barthwal said.
He also mentioned the Free Trade Agreement (FTA) that India is signing with many countries and other measures like “stopping a fresh trial system for the US FDA-approved products”.
Removing these technical barriers can help create “a free level playing field for Indian companies as per WTO rules”, the Secretary noted.
At the IPHEX 2024, more than 400 major Indian pharma companies will showcase their pharmaceutical products and technologies at the expo. More than 400 foreign buyers from across the world are expected to attend.
