He said as the pandemic exposed the global vulnerabilities of the supply chains in the pharma sector, the Department of Pharmaceuticals launched the Production Linked Incentive (PLI) scheme for promoting domestic manufacturing of bulk drugs, with a financial outlay of Rs 6,940 crore across 53 APIs over six years.
He said the pandemic has also brought up opportunities to become self-reliant in production of active pharmaceutical ingredients (APIs) and key starting materials (KSMs), the building blocks of pharmaceuticals.
Gowda noted that the PLI scheme for the pharma and medical device sectors will also improve affordability and accessibility of pharma products.
He said the onset of Covid-19 has brought the world’s attention to India and recognised its capabilities as a global, reliable supplier of drugs and medical devices, ready to serve at the time of need.
Terming India as a major hub for medical devices and diagnostics, he mentioned that the country has been serving more than 200 nations with its pharma products.
Gowda noted that pharma and medical device sectors could play a pivotal role in the country achieving the target of a USD 5 trillion economy.
Speaking at the event, Niti Aayog CEO Amitabh Kant said the PLI scheme is expected to make Indian manufacturers globally competitive and attract investment in the areas of core competency and cutting-edge technology.
It will also ensure efficiencies; create economies of scale; enhance exports; and make India an integral part of the global supply chain, he added.