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News Topical, Digital Desk : While inspiring the country to be self-reliant, Prime Minister Narendra Modi also suggested the pharma industry the recipe of innovation. To highlight the capabilities of India, which is called the "pharmacy of the world", he recalled how India did the welfare of mankind by turning the disaster into an opportunity during the Corona pandemic.
Prime Minister showed possibilities to pharma industry
While encouraging and motivating the youth associated with the pharma industry, the Prime Minister said- We set new records in vaccines, but isn't the need of the hour that we put more energy into research and development? We should have our own patents.
Amid the government's efforts to increase drug production and exports, the PM's encouragement could provide a "moral booster dose" to the pharma industry, which has seen its export figures jump from $16.9 billion to $30.4 billion in the last decade.
Prime Minister Modi also made human welfare the basis behind making India's pharma industry strong and self-reliant. He said that research should be done on the cheapest and most effective new medicines made by us and they should be used for the welfare of mankind without any side effects in times of crisis.
If we want our own vaccine, then the country has done it – PM
He clearly said- I dare to say this because I have faith in the capabilities of the youth of the country. I have faith not just because they are the youth of my country. The reason given was that during Covid, we were dependent on many things. When the youth of my country were told that we need our own vaccine, the country proved it by doing it.
If the Covin platform should be our own, then the country has shown it by doing it. We have saved the lives of crores of people. We need the same passion, we have to give our all to become self-reliant in every field of life, we have to live by what is our best. Actually, this confidence of the PM for self-reliance in the pharma industry is not at all baseless.
India is called the pharmacy of the world
According to the '''India Brand Equity Foundation'''', India is one of the largest suppliers of low-cost vaccines in the world. Indian medicines are preferred worldwide due to their low price and high quality.
This is why India is called the "pharmacy of the world". From a business point of view, its growth potential is also strong because India has traditionally been very strong in the pharma sector, where the cost of manufacturing is low.
The total market of Indian pharma industry will be $130 billion
This is 30-35 percent less than the US and Europe. Also, the cost of efficient research and development is about 87 percent less than in developed markets. Experts believe that the total market size of the Indian pharma industry is expected to reach $130 billion by 2030 and $450 billion by 2047.
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