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The Indian pharmaceutical industry must enter a dedicated "innovation phase" over the next five years if it is to meet its long-term global ambitions, said Namit Joshi, Chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), on the sidelines of the India Pharma 2026 event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).
"We have to leapfrog from a particular value by 2030, and if we want to achieve the ambition of 2047, then these are five years, in which we must enter the innovation phase," Joshi said. He stressed that relying on generics alone is no longer sufficient for growth. Because we have seen that in the generic space, it is not helping us. We are not getting any help. So, this is not a need to have, it is a must to have, innovation. Joshi noted that competing nations have already moved ahead on the innovation curve. "Our competing nations have moved ahead, and we should. In this meeting, it was decided that we must innovate and leapfrog in value," he said. "All efforts are being made in this discussion." While India is the third largest globally by volume in pharmaceutical exports, it ranks only 14th by value. "We sell volumes. We are third largest in volume, in export. But we are 14th ranked in value. So, how can we come in 10th rank, 5th rank, and then top 5 value-wise ranking. All efforts are in this discussion," Joshi added. Addressing the impact of the West Asia conflict and global supply chain disruptions, Joshi drew parallels to the COVID-19 crisis in 2020. "When COVID struck in 2020, a similar challenge arose. And you may know that the PLI scheme for the pharmaceutical and health sectors was implemented in 2020," he said. "The Prime Minister's vision of India's need for self-reliance was evident, and we are now seeing its fruits." He credited the Production Linked Incentive (PLI) scheme with making India self-reliant in key raw materials. "If we had been dependent on raw material imports, which were won in PLI, then our situation would have been like COVID. We wouldn't have had raw material. We wouldn't have been able to make bulk drugs. We wouldn't have been able to formulate with it." "I think the thinking of 2020 has kept India very stable in this crisis situation, which was not possible before. Today, we can proudly say that PLI has made us very self-reliant, that no matter what happens... India's own pharmaceutical model will remain robust and stable," Joshi added further. On challenges from crude and gas allocation, he acknowledged government support. "The small challenge that came to us, came from crude or gas, which is still in allocation. Thank you very much to the Indian government. They helped the pharma industry in a timely manner. In which, as per the allocation, we are getting certain petrochemical products, which are necessary for pharma." He confirmed that the situation remains under control. "Right now, our situation is under control. We don't have any panic, because of which we can say that everything has gone haywire. Other nations have problems. But, due to self-reliance, a large portion of pharma is secured," Joshi said. (ANI)
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