Visakhapatnam: PLI scheme to accelerate growth in pharma sector

Visakhapatnam: The government has adopted a facilitative approach under production linked incentive (PLI) scheme towards the pharmaceutical industry to comply with various regulations and the PLI scheme would accelerate the growth in the sector, said joint secretary of the Department of Pharmaceuticals N Yuvaraj.

Addressing a conference on 'Pharma Mart 2021' organised by the Confederation of Indian Industry (CII) with a theme focusing on 'Pharma Manufacturing Industry: Challenges and Opportunities' through hybrid mode here on Thursday, Yuvaraj said that medical devices and bulk drugs will have greater opportunities for industry in the days ahead.

Given the size of the pharma market across the globe, director of Aurobindo Pharma Ltd, M Madan Mohan Reddy said, the Indian pharma industry has great potential for exports. Referring to the opportunities in the pharma sector Madan Mohan Reddy said that biosimilars and vaccines will have a greater advantage for industry in India along with the fermentation products.

Speaking on the occasion, conference chairman KVV Raju stated that the avenue provided a platform for the pharma fraternity to deliberate on the roadmap for accelerating growth in the pharma sector. Initially, the branded generics dominate, making up for 70 to 80 per cent of the retail market.

Secondly, the local players have enjoyed a dominant position driven by formulation development capabilities and early investments, he observed.

Chairman of CII Andhra Pradesh D Tirupathi Raju said the strength of the Andhra Pradesh pharma industry lies in its strong base with established pharmaceutical organisations and strong research and development centres.