India is committed to promoting Indian Life Sciences as globally competitive sector: Health Minister

Davos: Union Health Minister Dr. Mansukh Mandaviya has said that India is committed to promoting Indian Life Sciences as a globally competitive sector to ensure the availability of drugs and medical devices in domestic and global markets affordability.

Addressing the roundtable discussion on opportunities in R&D and Innovation in Life Sciences at the World Economic Forum, in Davos yesterday, the Minister said, India is taking concerted and coordinated efforts on Research and Development and Innovation in the Pharma-MedTech Sector to indigenously develop cutting-edge products and technologies.

The Minister added that the government is promoting an enabling ecosystem for innovation in the Pharma-MedTech sector to become a leader in drug discovery and innovative medical devices. He also said that a large share of global market of 6.65 trillion US dollars in the life sciences sector, lies in innovation-based products.

The



Minister added that promoting drugs and innovation will unlock this value and also enhance the industry’s contribution to the Indian economy of an additional 10-12 Billion US dollars in exports every year.

Mr. Mandaviya said India is taking concerted and coordinated efforts on R&D and Innovation in the Pharma-MedTech Sector to indigenously develop cutting-edge products and technologies.

The Union Health Minister urged the Pharma-MedTech sectors to move out of their comfort zone and adopt innovation as a driving feature of their business strategies.  He stated that India is now poised to enter the global arena and move from high-volume to high-value products. He also informed that the Government is supporting the Medical Devices sector by a production-linked incentive scheme and underlined that the bio-pharmaceuticals sector has delivered a 5-year Compound Annual Growth Rate (CAGR) of 50 percent.