Exports from India's pharmaceutical and meditech sectors are projected to continue growing, even amid concerns about a global economic slowdown, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.
Chawla reported that there are currently 16 blockbuster drugs in development targeting diseases such as cancer, diabetes, HIV, and tuberculosis. These exports have become the fourth-largest in the country during the last fiscal year.
At the CII Pharma and Life Sciences summit, Chawla highlighted that the sector is seeing double-digit growth, supported by government initiatives, including the Production Linked Incentive (PLI) scheme. The 16 drugs in development are part of a broader list of 25 molecules set to go off-patent in the coming years.
In 2023, exports of Indian pharmaceuticals, biotech products, and bulk drugs experienced double-digit growth. Chawla noted that last year, India shifted towards becoming an export hub for consumables and surgical products. This year, the country is making strides in imaging devices, body implants, and in-vitro diagnostics.
The government has been conducting studies to identify promising drugs and molecules in both traditional pharma and the emerging biotech sectors. Chawla mentioned that the 16 drugs in development are at various stages of approval and manufacturing.
Indian companies developing these drugs are benefiting from the PLI scheme, which provides incentives for research, clinical trials, and regulatory approvals. Chawla added that the Drugs Controller General of India (DCGI) has already granted approvals for some of these molecules.
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