Centre To Launch Pharmaceutical Technology Upgradation Assistance Scheme
05 July, Chennai
Union Department of Pharmaceuticals will soon launch a Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS) to help small and medium pharmaceutical companies to technologically upgrade their units and make them WHO-GMP compliant.
Talking to reporters after inaugurating two-day trade expo ‘Pharmac South-2015′ organised by the Indian Drug Manufacturers’ Association (IDMA) here, Union Department of Pharmaceuticals Secretary V K Subburaj said the scheme would provide assistance to companies through financial institutions and an initial corpus of Rs 500 crore had been allocated for this scheme.
Subburaj said Tamil Nadu was fast growing in pharmaceutical exports with a growth rate of 10 per cent a year. Nearly Rs 4,000 crore worth pharma products were being exported from Tamil Nadu alone, he added.
He said the countrys pharma manufacturing capability had increased tremendously in the past few years and had reached around Rs two lakh crore in market value. ”The striking aspect of Indian pharmaceutical industry is that its export business is more than the domestic business. We are exporting more than Rs one lakh crore worth pharmaceuticals products to more than 220 countries”, he said.
However, Indias contribution to the global market was only up to 2.5 per cent. This has to be increased to 25 percent. It will be achieved only if the companies maintained quality.
Meanwhile, a release from the IDMA said the Indian pharmaceutical industry was one of the most attractive investment destinations in the world. ”With ever increasing returns, lowering risks and anticipated multifold growth, investors are more interested in this industry than ever before”, it added.
Since 2000, the drugs and pharma sector has attracted one of the highest Foreign Direct Investment (FDI). From its nascent stages in the 1970s, the Indian pharma industry has become a mature industry. While, the industry was previously known for manufacturing generic drugs, the industry dynamics have now undergone a sea of change.
At present, the Indian pharma industry stands diversified into various spheres of activities including research and development, manufacturing of branded, generic and branded generic drugs, manufacturing APIs, laboratory testing and clinical research.
The Indian pharma industry ranks fourth in terms of volume and 13th in terms of value globally. The IDMA wanted the Government to look into its demand on the need for separate Nutraceutical regulations from FSSAI, push for the API Industry to counter competition and dependence on China.
It also wanted the government to provide incentives for SME in Pharma Industry for technology upgradation and meeting global challenges, besides using pharma as a major sector for Make in India Initiative.