On September 30, 2020 Union Minister for Chemicals and Fertilizers, Sadananda Gowda addressed the “CII Life Science Conclave 2020” through virtual mode. The Conclave was organized by Confederation of Indian Industry (CII).
i.The Theme of Life Sciences Conclave 2020 is – “Energizing Make in India through Life Sciences Sector”
ii.It is the 17th Edition of Pharmaceutical conclave and 4th Edition of Biotechnology conclave. It is a convergence of pharma and biotech sectors.
i.The Indian pharma sector is worth USD 40 billion at present, and has the potential to become a global pharmacy hub in the future.
ii.Indian Pharma and Medical Device Sector has enormous potential to contribute towards making 5 Trillion-Dollar Economy in the next 4-5 years, making it the right time for companies to invest in the Pharma sector.
iii.The Indian Pharma Sector is expected to grow into a 65-Billion-Dollar industry by 2024 and 120 Billion Dollar industry by 2030.
iv.The Medical Devices Industry is also expected to reach a growth of USD 50 Billion by 2025. The Medical Devices Industry has the potential to grow at 28% per annum.
v.India attracted Foreign Direct Investment (FDI) of 73 Billion Dollars in 2018-19.
Initiatives to Promote Pharma & Medical Device Parks:
i.To boost the Pharma Sector, Government of India has supported development of Three Bulk Drug Parks and four Medical Device Parks & Centres of Excellence across the country.
ii.It is providing Production Linked Incentives (PLI) to ensure a level playing field for new domestic manufacturing units.
iii.The scheme is expected to attract an investment of Rs 78, 000 Crore and can generate about 2.5 Lakh Employment.
Contribution of Indian Pharma during Pandemic:
i.During the pandemic, India became the second largest producer of PPE Kits, with daily production crossing 5 Lakh kits per day.
ii.The indigenous production of ventilators has also increased to 3 Lakh per annum, and self-sufficiency has been achieved in the production of N-95 masks.
Recent Related News:
i.On September 3, 2020, the Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC) signed a Memorandum of Understanding (MoU) with Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) to set up a Bulk Drug Park (BDP) in the state.
ii.On April 23, 2020 The Confederation of Indian Industry (CII) in a paper- A plan for economic recovery has stated that India’s Gross Domestic Product (GDP) growth is likely to grow at 1.5% in the current Financial Year (FY21) post the lockdown period & also has suggested urgent fiscal interventions.
About Confederation of Indian Industry (CII):
President – Uday Kotak
Headquarters – New Delhi