NITI Aayog has advocated to create a separate ministry for the pharma sector of the country. The NITI Aayog says that a separate independent ministry should be set up for the pharmaceutical industry in the country. At the same time, the imperfections of the regulatory system should be removed so that the pharma industry of the country can be easily facilitated in the global competition.
NITI Aayog member VK Saraswat said at the Global BioIndia Summit on Monday that at a time when the world is struggling with new viruses, new institutes for research in virology should be opened and infrastructure should be strengthened for this. Also, there is a need for a regulatory system that can balance the pharma industry and related stakeholders in the country. A favourable investment environment for the pharma sector in India and an innovative way of land acquisition should be created.
Saraswat said that India has to become self-sufficient in the production of active pharmaceuticals ingredients. If India needs to increase its strength in the pharma sector and emerge as a strong competitor in the global pharma industry, then a separate pharma ministry will have to be formed for this. He said that India will have to emphasize the domestic API industry so that the cost of manufacturing the medicine can be reduced. In this case, we have to reduce our dependence on China. He said that the Indian pharma industry has demonstrated its strong potential in the case of the Corona vaccine. Therefore, to boost the pharma sector in the country, its capabilities will have to be strengthened further. India’s pharma industry needs government support.