G20: India's presidency puts spotlight on country's prowess in pharma space, top execs say
The G20 presidency, claim industry experts, places the country at the forefront of the global stage, reaffirming its position as a leading player in the field of healthcare and pharmaceuticals.
- Sep 9, 2023,
- Updated Sep 9, 2023 1:13 PM IST
The COVID-19 pandemic thrust India's pharmaceutical and healthcare sector into the international spotlight, and it is this sector that stands as a focal point during India's G20 presidency.
The Indian pharma sector already plays an integral role in the global market, being the world's largest provider of generic drugs and accounting for 20 per cent of global exports in terms of volume, according to India Brand Equity Foundation (IBEF) under the Department of Commerce, Ministry of Commerce and Industry. The industry is recognized for its massive production capacity and high-quality, low-cost generic medicines.
The G20 presidency, claim industry experts, places the country at the forefront of the global stage, reaffirming its position as a leading player in the field of healthcare and pharmaceuticals.
Indian Inc. in the pharmaceutical sector seems all set to seize this chance to showcase its capabilities, foster international collaborations, promote innovation, and attract global investment. The G20 presidency also offers an opportunity to attract foreign direct investment (FDI) into the country which has been increasing in the last few years. In the financial year 2021-22, FDI inflows in the pharmaceutical sector, encompassing both pharmaceuticals and medical devices, reached Rs 12,097 crore. As of September 2022, during the current financial year 2022-23, FDI inflows have already amounted to Rs 8,081 crore.
India's domestic pharmaceutical market is estimated to reach $130 billion by 2030, and the pharma industry has sustained its growth momentum after the pandemic, according to the Economic Survey 2022-23.
“The G20 summit could offer opportunities for India to collaborate on R&D initiatives with other member nations, making way for quicker, more effective global responses to future health emergencies and fostering scientific breakthroughs. Furthermore, India's G20 membership could be used to shine a light on other key health-related issues. The safeguarding of global health and the growing burden of non-communicable diseases are areas where India's vast and varied experience could provide invaluable insights,” said Dr Rashmi Chaturvedi Upadhyay, Senior Commercial Marketing Manager, Merck Life Sciences.
“G20 Health Summit presents a golden opportunity for India to bolster its position in global health matters. By smartly leveraging its membership, India can help bring medicines within the reach of more people around the world, ignite innovation in pharmaceutical research, and elevate its health and pharma industries' global standing. Along the way, it's not just the Indian pharma industry that stands to benefit, but people's health across the globe,” she said.
India has been making significant contributions to the global community throughout the pandemic, providing essential medicines, supplies, and vaccines to several nations. During the COVID-19 pandemic, India contributed to the global community by producing and supplying COVID-19 vaccines, supporting the COVAX initiative, engaging in vaccine diplomacy by donating vaccines to other countries, and providing medical supplies such as PPE and ventilators.
Mansukh Mandaviya, the Union Health and Family Welfare Minister, has already expressed optimism about the progress of the G20 Health Working Group, stating that they are moving in the right direction to collectively create a positive impact on the future global health architecture.
India formally assumed the presidency of the G20 grouping for a one-year period, from Indonesia on December 1, 2022. G20 is a premier forum comprising the world's advanced and developing economies, as well as the European Union, which meets annually to discuss global issues.
Also Watch | Konark Wheel showcased at G20 Summit's Red Carpet: Know about its significance, history and astronomical design
The COVID-19 pandemic thrust India's pharmaceutical and healthcare sector into the international spotlight, and it is this sector that stands as a focal point during India's G20 presidency.
The Indian pharma sector already plays an integral role in the global market, being the world's largest provider of generic drugs and accounting for 20 per cent of global exports in terms of volume, according to India Brand Equity Foundation (IBEF) under the Department of Commerce, Ministry of Commerce and Industry. The industry is recognized for its massive production capacity and high-quality, low-cost generic medicines.
The G20 presidency, claim industry experts, places the country at the forefront of the global stage, reaffirming its position as a leading player in the field of healthcare and pharmaceuticals.
Indian Inc. in the pharmaceutical sector seems all set to seize this chance to showcase its capabilities, foster international collaborations, promote innovation, and attract global investment. The G20 presidency also offers an opportunity to attract foreign direct investment (FDI) into the country which has been increasing in the last few years. In the financial year 2021-22, FDI inflows in the pharmaceutical sector, encompassing both pharmaceuticals and medical devices, reached Rs 12,097 crore. As of September 2022, during the current financial year 2022-23, FDI inflows have already amounted to Rs 8,081 crore.
India's domestic pharmaceutical market is estimated to reach $130 billion by 2030, and the pharma industry has sustained its growth momentum after the pandemic, according to the Economic Survey 2022-23.
“The G20 summit could offer opportunities for India to collaborate on R&D initiatives with other member nations, making way for quicker, more effective global responses to future health emergencies and fostering scientific breakthroughs. Furthermore, India's G20 membership could be used to shine a light on other key health-related issues. The safeguarding of global health and the growing burden of non-communicable diseases are areas where India's vast and varied experience could provide invaluable insights,” said Dr Rashmi Chaturvedi Upadhyay, Senior Commercial Marketing Manager, Merck Life Sciences.
“G20 Health Summit presents a golden opportunity for India to bolster its position in global health matters. By smartly leveraging its membership, India can help bring medicines within the reach of more people around the world, ignite innovation in pharmaceutical research, and elevate its health and pharma industries' global standing. Along the way, it's not just the Indian pharma industry that stands to benefit, but people's health across the globe,” she said.
India has been making significant contributions to the global community throughout the pandemic, providing essential medicines, supplies, and vaccines to several nations. During the COVID-19 pandemic, India contributed to the global community by producing and supplying COVID-19 vaccines, supporting the COVAX initiative, engaging in vaccine diplomacy by donating vaccines to other countries, and providing medical supplies such as PPE and ventilators.
Mansukh Mandaviya, the Union Health and Family Welfare Minister, has already expressed optimism about the progress of the G20 Health Working Group, stating that they are moving in the right direction to collectively create a positive impact on the future global health architecture.
India formally assumed the presidency of the G20 grouping for a one-year period, from Indonesia on December 1, 2022. G20 is a premier forum comprising the world's advanced and developing economies, as well as the European Union, which meets annually to discuss global issues.
Also Watch | Konark Wheel showcased at G20 Summit's Red Carpet: Know about its significance, history and astronomical design