Prime Minister Narendra Modi on Thursday virtually inaugurated the first Global Innovation Summit of the Pharmaceuticals sector.
Addressing the gathering, the Prime Minister said that the pandemic has brought the Pharmaceuticals sector into sharp focus.
Speaking at the event, PM Modi said: “The global trust earned by the Indian healthcare sector has led to India being called the Pharmacy of the World”.
"The combination of high quality and quantity at affordable prices has generated immense interest in the Indian pharma sector around the world. Since 2014, the Indian healthcare sector has attracted over USD 12 billion in FDI," he added..
Modi said India's vision is to create an eco-system for innovation that will make the country a leader in drug discovery and innovative medical devices. He added that India is sensitive to industry demands on regulatory frameworks & actively working in this direction.
PM Modi stressed that India must think about ramping up domestic manufacturing of key ingredients for vaccines and medicines. “This is one frontier that India has to conquer,” he said.
He also emphasized that India has “exported more than 65 million doses of COVID vaccines to nearly 100 countries this year. Over the coming months, as we ramp up our vaccine production capacities, we will do much more”.
"Today, when 1.3 billion people of India have taken it upon themselves to make India 'aatmanirbhar', we must think about ramping up domestic manufacturing of key ingredients for vaccines and medicines," he asserted.
This is one frontier that India has to conquer, he said.
"I invite you all to ideate in India, innovate in India, make in India and make for the world. Discover your true strength and serve the world," Modi said in his remarks at the summit.
Noting that India has a large pool of scientists and technologists with the potential to take the industry to greater heights, Modi said this strength needs to be harnessed to discover and make in India.
The virtual summit is also being attended by Union Minister for Health and Family Welfare, Dr. Mansukh Mandaviya.
The two-day summit will have 12 sessions and over 40 national and international speakers deliberating on a range of subjects, including the regulatory environment, funding for innovation, industry-academia collaboration, and innovation infrastructure, according to the Prime Minister's Office (PMO).