A Hard Pill to Swallow
Business Today India|April 02, 2023
DESPITE THE GOVERNMENT'S EFFORTS TO BOOST DOMESTIC MANUFACTURING OF VARIOUS DRUGS, RAW MATERIALS AND MEDICAL DEVICES, THEIR IMPORTS HAVE ONLY INCREASED. ON TOP OF THAT, UPTAKE OF THE PLI SCHEME IS MOVING AT A SLOWER-THAN-EXPECTED PACE
NEETU CHANDRA SHARMA
A Hard Pill to Swallow

SWELLING RESEARCH COSTS and import dependency— two major afflictions that India’s pharmaceuticals industry seemed helpless against until a few years ago. Hopes were raised when the central government unveiled a production-linked incentive (PLI) scheme in the middle of the pandemic to foster domestic production of key import items such as active pharmaceutical ingredients (APIs), the raw material for making a drug. The pandemic had stifled global supply chains and exposed India’s heavy dependence on China for its pharma requirements. At a time when basic raw materials for drug-making became scarce because of the lockdowns, India’s PLI scheme was aimed at muscling up the domestic $50-billion pharma industry and ringfencing it from Covid-19-like future black swan events and, in the bargain, reduce its dependence on China.

However, things have not panned out the way they were expected to; at least not yet. Almost three years since the PLI scheme was launched, India’s reliance on China for APIs and other pharma products has only increased. Per data from the Ministry of Chemicals and Fertilisers, the import of bulk drugs or APIs and drug intermediates (materials produced during API synthesis) from China rose 20 per cent from FY21 to `23,273 crore in FY22, which was 66 per cent of India’s total imports of medical products worth `35,249 crore that fiscal. And data from the commerce ministry shows that imports of 30 key medical devices have gone up by 25-152 per cent during April-December 2022 compared to a year ago.

Diese Geschichte stammt aus der April 02, 2023-Ausgabe von Business Today India.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der April 02, 2023-Ausgabe von Business Today India.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS BUSINESS TODAY INDIAAlle anzeigen
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 Minuten  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 Minuten  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 Minuten  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 Minuten  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 Minuten  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 Minuten  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 Minuten  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 Minuten  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024