Arunish Chawla Highlights Rapid Growth in Indian Pharma and MedTech Industries
The Indian pharmaceutical industry, often called the ‘pharmacy of the world,’ is a key contributor to the nation’s economic growth. The sector is now rapidly advancing in MedTech and biosimilars technology, moving away from generic drugs.
Arunish Chawla, Secretary of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, stated, “From generics, we are now moving very fast into biosimilars. We are moving equally fast in MedTech. And you will see that in the years to come, this industry will grow rapidly further, and most independent market-based research firms project the Indian pharma and MedTech industry as the industry with the best and the most glowing future.”
What is MedTech?
MedTech, or Medical Technology, is a segment of healthcare systems that focuses on designing and manufacturing a wide range of medical products and devices for diagnosis, prevention, monitoring, treatment, and patient care.
What are Biosimilars?
Biosimilars are biologic products similar to an approved reference biological product in terms of quality, safety, and efficacy. They must have similar formulation, route of administration, dose, and strength as the reference product.
Chawla also mentioned a study from the United States in 2022, which found that 50% of all generic drugs and 40% of all prescription medicines were sourced from India. He highlighted that the Indian pharma industry is growing at a double-digit rate year on year and has achieved this growth in real terms over the last 10 years.
India has the highest number of WHO (World Health Organization) and US FDA (Food and Drug Administration)-certified plants. Nearly half of the vaccines supplied globally by WHO and UNICEF (United Nations Children’s Fund) come from India.
