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India strives to become the best investment destination in the world for pharma sector: Union Minister Mansukh Mandaviya

Union Minister for Health and Family Welfare and Chemicals & Fertilizers Dr. Mansukh Mandaviya inaugurated and addressed the Investor Summit – “Opportunities and Partnerships in Pharmaceuticals & Medical Devices” via video conferencing yesterday.

As part of the vision to further strengthen India’s position globally in terms of Pharmaceuticals and Medical Devices, the summit was organized by the Department of Pharmaceuticals in partnership with Invest India.

Dr. Mandaviya stated that India is rightly called the pharmacy of the world as the country is the largest manufacturer and supplier of generic medicines. Even during the pandemic, it supplied medicines to more than 150 countries. ‘’This depicts that the pharma industry is not just a business in India; it is connected with our sentiments. It is not governed with only profit motive but is guided by the Indian philosophy of “Vasudhaiv Kutumbkam”, the minister added.

He further said that under the Make in India Project, PM Modi has invited investors from all across the world to invest in India. He assured investors that they will be treated fairly in the country, given its robust regulatory mechanism, independent judiciary and democratic form of the Government.

He stated that, under the capable leadership of the Prime Minister, India aspires to become the best pharmaceutical investment destination in the world. The industry has seen a significant surge in investment. In 2020, FDI climbed by 98 % year over year. India’s pharmaceutical exports increased by 18% in the previous fiscal year.

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