During Saturday’s session at the Regional Industries Conclave, a comprehensive discussion was held on the promising prospects within the pharmaceutical and medical devices manufacturing sector in Madhya Pradesh.
In the session, Additional Chief Secretary Health Mohammad Suleman, Secretary Health Sudam Khade, COO PD Hinduja Hospitals, Joy Chakraborty, Managing Director and CEO IPCA Laboratories Ltd., Ajit Kumar Jain, Joint Managing Director Shreeji Polymers Medical Devices Pvt. Ltd. Vishnu Jaju, CEO Rini Life Sciences Akshat Kordia, Vikrant Parashar of Encube Ethicals and a large number of investors were present.
During the session, prominent health sector industrialists underscored the favorable business environment in the state, noting that Madhya Pradesh is setting new benchmarks in pharmaceutical and medical equipment manufacturing.
With its cutting-edge technology and straightforward investment policies, MP is establishing a global presence in this critical sector.
Madhya Pradesh: A Pharmaceutical Power House
It was told in the session that India’s dominance in the global pharmaceutical market is undisputed and in this scenario Madhya Pradesh stands out with its strong ecosystem.
The state has a network of over 270 pharmaceutical units, including 39 API/bulk drug manufacturing units, of which over 50 units adhere to WHO-GMP standards.
These establishments are not only catering to the domestic market but are also exporting their products to more than 160 countries across the world.
The contribution of this sector in the state’s exports increased to 20.5% in FY 2022, which is extremely helpful in furthering economic growth.
The pharmaceutical power of the state has received further boost with the development of pharma parks.
These parks will serve as incubators for innovation.
These will provide ultramodern infrastructure and a conducive environment for research development.
Apart from this, big drug companies like Sun Pharma, Lupin, Glenmark, Cipla, Mylan, Dabur, Aristo, IPCA are starting their operations in the state.
Madhya Pradesh is strengthening itself as a pharmaceutical power house on the global stage.
An action plan has been prepared to export about 50 percent of India’s pharma products from Madhya Pradesh by the year 2030.
Centre of Medical Device Manufacturing
It was informed in the session that the global market of medical devices is witnessing a boom and India is becoming a leader in this sector through the ‘Make in India’ initiative.
Schemes like production linked incentive (PLI) scheme and medical promotion are being availed. Under the Devices Park Scheme, the State Government is encouraging large-scale manufacturing and facilitating investment in sub-sectors.
One of the four Medical Device Parks proposed by the Government of India has been set-up in Madhya Pradesh, which explains the rapid emergence of the state as a medical devices manufacturing hub with its existing engineering and plastics eco system.
In line with its progress in pharmaceuticals, Madhya Pradesh is rapidly establishing itself as a medical device production hub.
The expansive Vikram Udyogpuri Limited, Ujjain’s Medical Device Park spread over 360 acres and offering affordable land and infrastructure is indicative of the state’s support.
With focus on various sectors like medical imaging, implant manufacturing, surgical equipment and wearable items, Madhya Pradesh is creating a conducive environment for innovation and investment.
It was told in the session that the emergence of Madhya Pradesh in the production of pharmaceuticals and medical devices is a proof of its unwavering commitment towards innovation, investment and inclusive development.
With a favourable ecosystem, visionary and ingenious policies and strategic initiatives, Madhya Pradesh is set to script a new chapter in India’s industrial narrative, inspiring investors and stakeholders for a healthier and more prosperous future.
