Union Minister of State for Chemicals & Fertilizers, Bhagwanth Khuba stated Indian medical device sector has huge potential, and we must focus on producing hi-end technical equipment and machinery in India through increased innovation, Research and Development.
He was addressing the 7th edition of International conference on Pharma and Medical Devices sector 2022. The Union Minister of State along with the Secretary, Department of Pharmaceuticals also conferred India Pharma and India Medical Devices Awards 2022 on the occasion.
He said “under the visionary leadership of the Prime Minister we are progressing in every sector and are committed to provide speedy development to all”.
The Pharmaceuticals and Medical Devices sector is a key sector of the global as well as Indian economy, he said.
Khuba said “We will become a 5 trillion-dollar economy as envisioned by the Prime Minister if we all work together”.
He said the Indian pharma and medical device sector has huge growth potential.
We can not only cater to the needs of the domestic market but also manufacture for the world, he said.
“India has the capability of producing at low cost. We currently produce only 20 percent of these equipment in India and are import dependent, he said.
The government is committed to extend all support to the industry to ensure that the country becomes Atma Nirbhar in the sector, he said.
In the last eight years, the government has taken various initiatives to propel growth in the sector. India can achieve self-reliance in pharmaceuticals and medical devices only by strengthening its Research and Development infrastructure, which would drive expansion of access to life-saving medicines and position India as a global pharmaceuticals and medical devices export hub, he said.
This year, the Department of Pharmaceuticals has announced six main categories of the India Pharma and India Medical Devices Awards including Start-ups of the year, Leaders Category, Company of the year, MSME of the year, Innovation Category, CSR Category.
Khuba said “this Award will act as a catalyst to improve the performance and quality of the Pharma and Medical Devices manufactured in the country”. He presented the awards to the winners on Wednesday.
