Hospitals to recover from sluggish Q3; diagnostics' growth rate at pre-Covid levels.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
Codeine-based formulations are under the scanner for misuse as a narcotic product.
Government institutions and pharma industry are examining if a 'cocktail' approach to making a multi-variant Covid-19 vaccine works against multiple strains of the ever-mutating virus, reports Sohini Das.
With intermittent disruptions in the supply chain of raw materials from China, the Indian pharma industry has braced itself with bigger inventory. Even smaller drug makers are now carrying a month of buffer stock of key raw materials, said industry insiders. The lockdown in various Chinese provinces, including Shanghai, is likely to delay shipments by two weeks to a month, said domestic players. Shipments are critical for the Indian drug industry, which imports 70 per cent of its raw material from China.
She also said there were no reports of shortage of medicines or medical equipment.
In his address, the PM also hit out at those making repeated attempts to "unnecessarily" bring bilateral issues to the SCO in violation of the grouping's foundational principles, in an oblique reference to Pakistan.
The remarks by Modi at a virtual SCO summit came in the backdrop of the Sino-India border row.
Software giant Wipro's Azim Premji donated Rs 9,713 crore or Rs 27 crore a day to retain his top rank among Indian philanthropists in FY21. Premji, the founder chairman of the company, increased his donation by nearly a fourth during the pandemic year, as per the Edelgive Hurun India Philanthropy List 2021, which had HCL's Shiv Nadar at second place with contributions of Rs 1,263 crore towards upliftment causes. Mukesh Ambani of Reliance Industries, India's richest man, came third on the list with a Rs 577 crore contribution and was succeeded by Kumar Mangalam Birla with Rs 377 crore.
'India is a pharma dada. We can manufacture enough for our people and for the world.'
'The pandemic helped me to shift my focus to the medicinal qualities of food.'
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
In the manufacturing sector, output is expected to decline by about 70 per cent as only food-processing, and drugs and pharma industries are allowed to operate while other segments, such as engineering and metals, have shut operations.
Indian auto and pharma industries import several critical components and raw materials from China.
Growth has been under pressure since the lockdowns related to Covid-19 started and fresh prescription generations slowed.
Stressing that economic growth will only move upwards, the Reserve Bank of India Governor Shaktikanta Das on Friday pegged the GDP growth rate for the next financial year at 10.5 per cent, though a tad lower than the government's projection of 11 per cent. The projection is in line with the estimates in the Union Budget 2021-22 presented in Parliament earlier this week. The Economic Survey, tabled by the government in Parliament recently, has projected that the economy will grow at 11 per cent, up from an estimated historic decline of 7.7 per cent in 2020-21, on account of the COVID-19 pandemic.
Mukesh Ambani's Reliance group has struck acquisition deals worth $4.2 billion with a dozen companies in just two years to expand its retail business. The latest purchase was of a majority stake in Justdial for Rs 3,497 crore. Elaborating on his acquisition strategy a few weeks ago during the AGM, Ambani stated that one of the key planks would be to acquire businesses that enhanced Reliance's offerings and experiences to customers and that they would be both physical and digital.
Despite news of the private equity in the domestic healthcare and pharma industry touching almost Rs 40 crore (Rs 40 million) in the first nine months of the year, PE firms are not exactly bullish about investing in the pharma industry alone. In fact, a closer look at the investments reveals that a larger part of the money is being flown into healthcare delivery systems like hospital chains and not in pharma companies.
The rapidly progressing Indian pharma industry, assisted by a strong research and development base, skilled manpower, low-cost base and manufacturing excellence has provided the industry with the right platform to move towards achieving its goal.
Unhappy with Chinese machinery and raw materials they have been importing so far, Pakistani pharmaceutical companies are now longing to increase their business ties with India, and asked New Delhi to relax the "stringent visa norms".
The commerce ministry has recommended the continuation of anti-dumping duty on a Chinese chemical used in food and pharma industry with a view to guard domestic players from cheap imports. In a notification, the ministry's investigation arm, the Directorate General of Trade Remedies (DGTR), has said there is a "positive" evidence of likelihood of dumping of Sodium Citrate and injury to the domestic industry if the existing anti-dumping duty were to be removed.
In his press conference on Wednesday, Trump targeted drug-makers and vowed to bring back production in the US.
The government is optimistic that the Indian pharma industry with a strength of 25,000 companies will be a leading player in the sector in the years to come.
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Fund managers said investors remained positive on the pharma manufacturing activity in India, which further strengthened during the Covid-19 period, on account of restrictions imposed on pharma imports from China.
With the government asking the companies to operate with only 50 per cent staff strength, and exports dipping to almost zero, the truck and bus drivers idling at the petrol pump say they hardly have any work now. At a petrol pump on the deserted Bavla-Changodar highway near Ahmedabad in Gujarat, several trucks and buses are neatly parked in a row.
Supreme Court is saying that consumers should not be forced to pay higher prices just because it is chemically a new drug unless there is a therapeutic benefit involved.
'Whoever owns the best chip industry will be the Saudi Arabia of the era of data,' predicts Rajeev Srinivasan.
Industry must take strong collective action to protect the reputation it enjoys in global markets, says Kiran Mazumdar Shaw.
The judgment will save taxpayers' money without hurting the pharma industry or R&D.
Apart from them, consignments of 11 top importers, including LG, Samsung, Toyota, Honda, and Siemens, will also be allowed entry, relieving them of the 100 per cent inspection rule.
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The industry feels two factors have played a role in improving the offtake and reducing trade inventory - one is that the supply chain in pharmaceuticals has more or less stabilised, and secondly, with lockdown curbs easing and OPDs opening, some demand has grown at the consumer end as well.
Dilip S Shanghvi reminisces about Anji Reddy.
Currently, the spend on R&D as a percentage of GDP is just 0.9%
The government on Monday said that multinational companies (MNCs) are campaigning against domestic pharmaceuticals industry as their interests were getting impacted due to increasing global presence of Indian firms in the generic segment.
Exports of 13 APIs - including paracetamol, tinidazole, metronidazole, vitamin B1, vitamin B6, vitamin B12, acyclovir, progesterone - along with formulations made from these APIs, would be restricted.
Data exclusivity provides protection to the technical data generated by innovator companies to prove the merit of usefulness of their products.
'People are already sending congratulatory messages. But I have said, "Please don't until the trials are over".'
A combination of demonetisation, a poorly and hurriedly implemented GST, and more recently the "botched up" lockdown of the economy to control the spread of Covid has brought the economy to its knees.
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