Union Minister for Chemicals & Fertilizers and Parliamentary Affairs, Shri Ananthkumar inaugurated the 2nd edition of India Pharma & India Medical Device International Conference in Bengaluru on 12th Feb 2017.
The three day event, with the Vision - ‘For Responsible Healthcare’, is being organized by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers and Federation of Indian Chambers of Commerce & Industry (FICCI) from 11th-13th February, 2017.
The event was called a ‘Pharma and Medical Devices Kumbh.'
The medical industry has achieved a Compounded Annual Growth Rate (CAGR) of over 15%.
The sector would be worth $55 billion by 2020 from the present $32 billion.
India accounts for around 20% of the World’s generic medicine supply chain, exporting to over 250 countries globally.
Indian Pharma Industry provides over 60% of global vaccines.
Indian Pharma sector has received Foreign Direct Investment (FDI) close to $14 billion and has generated employment for over 2.5 million people across India.
The Pharma Ministry also announced from the podium that Bengaluru, being the hub of Information technology and skilled manpower, would prove to be the ideal location to set up a Pharma and Med Tech Zone and hence the Ministry would work with the State Government to establish it soon.
This step would give a boost to domestic manufacturing of pharmaceuticals and medical devices in India under the Make in India mission, he added.
This marks the second time Karnataka is hosting this conference on Medical Device & Pharmaceutical sector.
This is giving the State an opportunity to emerge as the desired destination for investments under pharma & medical devices sector and give a boost to Make in India Mission in this sector.
The state pharma industry constitutes 264 manufacturing units that include small-medium, large, public sector and multinational companies.
The State stands 5th in Pharmaceuticals exports with 40% of its Pharma produce being exported overseas.
Pharma and Med Tech zone in Andhra Pradesh has attracted over 30 investment proposals from domestic and international pharma companies which has the potential to reduce the manufacturing cost of drugs and medical devices by around 30% as compared to global prices.
The India Pharma exhibition, being held as part of the event, will cover all the segments of the pharmaceutical industry starting from finished formulations, APIs, bio-pharmaceuticals, fine chemicals & intermediates, natural extracts and excipients.
India Medical Device exhibition will showcase med-tech innovations in India across segments from preventive to therapeutic care.
Leading Pharmaceutical & Medical Device companies will showcase their expertise and products to Indian and International Healthcare community at the exhibition that will result in creating new business opportunities.
