Commerce and Industry Minister Suresh Prabhu has asked pharma companies to investment more on research and development. He also appealed to develop new markets to boost the exports.
While inaugurating the international exhibition of pharma and healthcare (iPHEX) in New Delhi, Minister asked healthcare providers to chalk ways to make healthcare more affordable.
Speaking on this occasion, the Minister said that regions like Latin America and Africa hold huge export potential for Indian pharmaceutical products and more investments on research and development will drive domestic growth.
“Make more investments in R&D activities so that the pipeline (for new medicines) does not get dry,” he said.
The Minister also said that the Government was taking steps to boost pharma exports such as seeking greater market access for Indian products in countries like China.
“China has agreed to organise a round table meet with our regulators. This will help in addressing market penetration issues,” he added.
In 2017-18, the country’s pharma exports stood at about $ 17 billion.
He further said that increasing cost of healthcare is a global concern and the Indian industry needs to work on this area to overcome the challenge.