The government needs to set up a separate ministry for the pharma sector to encourage domestic producers and decrease Chinese imports, opined CEOs while participating in a discussion on the challenges being faced by the sector.
In a CEO Roundtable at the 15th edition of CPHI & PMEC India held on Tuesday, the Chief Executive Officers (CEOs) of companies, including those from RPG Life Science and Fermenta Biotech, also discussed ways to shift the focus of the domestic industry from volume to value.
The leaders also pointed out the need to reduce dependency on China by using technology.
Organisation of Pharmaceutical Producers of India (OPPI) Director General Vivek Sehgal said that the industry needs to collaborate and co-work and unite for collective voice on IPR related issues.
The leaders also discussed having a single industry organisation to put across the grievances of the pharma industry before the government.
Speaking at the inaugural session of the 15th edition of CPHI & PMEC India, Pharmexcil Director General Ravi Uday Bhaskar said the Indian pharmaceutical exports have recorded an impressive growth of around 5 per cent in the current financial year (April-Oct 2022).
"Despite having global challenges, we have exported over USD 25 billion in the biggest market, which means about 30 per cent of our exports are going to the US," he added.
Currently, the Indian pharma market is valued at around USD 50 billion, out of which almost USD 25 billion constitutes the export market.