3 PLI Schemes: Transforming India’s Pharma Industry

The PLI schemes have not only stimulated job creation but also facilitated technological upgradation and capacity expansion.

The Health Master

December 21, 2023

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Last Updated on October 6, 2024 by The Health Master

PLI Schemes

In recent times, the three production linked incentive (PLI) schemes for bulk drugs, medical devices, and pharmaceuticals have emerged as powerful catalysts for propelling stronger investment potential and productivity in the Indian pharmaceutical sector.

Ravikrishna Chebolu, the General Manager of India at West Pharmaceutical Services, Inc., expressed the profound impact of these schemes, highlighting the technological upgradation, capacity expansion, and subsequent job opportunities they have ushered in.

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PLI’s Role in Technological Upgradation

The PLI schemes have not only stimulated job creation but also facilitated technological upgradation and capacity expansion, thereby strengthening the entire supply chain.

This boost in investment plays a pivotal role in enhancing domestic manufacturing capabilities, offering a ripple effect across raw material traders, logistics providers, and other ancillary industries.

Quality Control in Drug Delivery

Amidst these advancements, maintaining stringent quality control in drug delivery and containment solutions becomes paramount.

Chebolu underscores the importance of quality packaging components, emphasizing the need for swift and efficient production to reduce time-to-market.

This, in turn, empowers generics manufacturers to remain competitive in both domestic and global markets.

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India’s Position in Global Pharma

Invest India reports that India holds the title of the largest producer of generic medicines, contributing 20% of the global supply by volume.

Moreover, India’s vaccine production accounts for approximately 60% of the global figures.

This robust position attracts regional players, fostering collaboration and partnerships that support India’s growth trajectory in the global pharmaceutical market.

Homegrown Companies and Global Competition

Chebolu observes that homegrown companies in India are emerging as formidable competitors and potential partners, challenging global pharmaceutical players.

The pricing advantage and the country’s growing economy position the Indian pharma sector to maximize its global market share.

Growth Opportunities in Biologics

While India leads in generics therapies, there is ample room for growth and development, especially in the realm of biologics.

The exploration of small and complex molecules in drugs becomes imperative to embrace advancements in medicine and stay competitive globally.

Learning from the Covid Pandemic

The Covid pandemic served as a learning experience, necessitating a pivot in strategies for innovative solutions.

West Pharmaceutical, in collaboration with partners like Corning, delivered impactful solutions.

India’s indispensable role in West Pharmaceutical’s growth since the 1990s underscores its significance as a market.

Future Growth Strategy in India

Looking ahead, West Pharmaceutical commits to continuing its growth strategy in India by providing high-quality solutions aligned with current regulatory requirements.

The company aims to be flexible in meeting evolving customer requirements, thereby ensuring their greater success in the dynamic pharmaceutical landscape.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

FAQs

Q1: What are the key components of quality packaging?

A1: Quality packaging involves precision in materials, design, and production to ensure the safety and efficacy of pharmaceutical products. It includes factors like material compatibility, durability, and compliance with regulatory standards.

Q2: How does PLI impact job creation in the pharmaceutical sector?

A2: PLI schemes stimulate job creation by encouraging technological upgradation and capacity expansion, leading to increased production and a subsequent demand for skilled labor across the pharmaceutical supply chain.

Q3: What is the significance of India’s role in global vaccine production?

A3: India’s significant role in global vaccine production, contributing around 60% of the global figures, positions the country as a crucial player in addressing global health challenges, fostering collaborations, and supporting vaccine accessibility.

Q4: How can Indian pharma companies stay competitive in the global market?

A4: Indian pharma companies can stay competitive by focusing on innovation, maintaining high-quality standards, fostering collaborations, and leveraging the pricing advantage to maximize their global market share.

Q5: What challenges did West Pharmaceutical face during the Covid pandemic?

A5: The Covid pandemic prompted challenges that West Pharmaceutical navigated through innovative solutions. The company adjusted its strategies to meet evolving customer needs and collaborated with partners like Corning to deliver impactful solutions.