(MENAFN- KNN India) New Delhi, Nov 22 (KNN) Union Minister for Chemicals and Fertilizers JP Nadda has called on India's pharmaceutical industry to reduce dependence on imported active pharmaceutical ingredients (APIs) and build self-reliance in critical raw materials over the next decade.

In a video address at the 60th Annual Summit of the Organisation of Pharmaceutical Producers of India (OPPI), Nadda said India must evolve 'from the pharmacy of the world to the laboratory of the world,' emphasising on innovation-led growth, reported ET.

He urged industry leaders to accelerate progress in biosimilars, novel molecules, gene and cell therapies, AI-led drug discovery and advanced diagnostics, while ensuring affordability and equity remain central to India's healthcare vision.

Highlighting India's achievements over the last decade, the Minister noted that the country supplies medicines to more than 200 nations, caters to a significant share of US and UK generic drug demand, and meets 60 percent of global vaccine requirements.

He also cited the impact of Ayushman Bharat, which provides health coverage to over 600 million people, and the Jan Aushadhi scheme, which has reduced the cost of essential medicines.

The Minister said India is rapidly emerging as a research and digital innovation hub, with more than 1,600 Global Capability Centres (GCCs), including several focused on pharmaceuticals and life sciences, driving advanced R&D.

At the summit, EY-Parthenon and OPPI released a report estimating that India's pharmaceutical industry could reach USD 450 billion by 2047 with stronger innovation pipelines, enhanced Contract Research, Development & Manufacturing Organization (CRDMO) capabilities, and improved digital infrastructure in GCCs.

The report noted that India's CRDMO sector is expected to grow from USD 7 billion to USD 14 billion by 2028, but also highlighted India's relatively low number of new drug approvals, 19 in 2024, compared to major global markets.

It identified regulatory agility, expanded R&D investment, innovation financing and talent development as key priorities for future sectoral growth.

(KNN Bureau)

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