The latest news from Indian pharma, including a 200 percent boost for the country’s pharmaceutical industry in the latest national budget; predictions of rapid growth in the coming decade; Cipla’s potential entry into the COVID-19 vaccine race; and Pfizer’s withdrawal of its emergency use application for its vaccine in India.
Budget gives 200% boost to pharma sector as govt looks to curb dependence on China (The Print)
New Delhi: India’s first post-pandemic Budget has provided a boost of nearly 200 per cent for developing the pharmaceutical sector to help the country bolster its image as the ‘pharmacy of the world’.
India doubles healthcare spending, opens up insurance in “get well soon” budget (Economic Times)
Delivering her budget statement to parliament, Finance Minister Nirmala Sitharaman projected a fiscal deficit of 6.8% of gross domestic product for 2021/22, higher than the 5.5% forecast by a recent Reuters poll of economists. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.
Indian pharma sector set to grow 3 times in next decade, says Economic Survey (Deccan Herald)
India’s pharmaceutical industry, which is currently valued at $41 billion, is expected to grow to $65 billion by 2024 and $120-130 billion by 2030. According to the Economic Survey 2020-21, a significant raw material base and availability of a skilled workforce have enabled India to emerge as an international manufacturing hub for generic medicines. Further, India is the only country with the largest number of US-FDA compliant pharma plants (more than 262 including Active Pharmaceutical Ingredients – APIs) outside of the USA.
Cipla CFO says not ruling out possibility of drug-maker entering COVID-19 vaccine fray (Money Control)
Cipla sometime back had built a biotech manufacturing facility in Goa with an investment of Rs.350 crore, which can be utilised for producing vaccines.
Indian pharma industry rose to occasion during coronavirus pandemic: Dr Reddy’s Chairman Satish Reddy (Business Today)
Speaking at the 25th Wharton India Economic Forum, he said the Indian pharma industry ensured the continuity of supplies
Rich countries block India, South Africa’s bid to ban COVID vaccine patents (DW)
An IP waiver by the WTO would have made it easier for developing countries to produce COVID-19 vaccines and drugs. Wealthy countries opposed the move, arguing that a suspension of patents would stifle innovation.
Pfizer withdraws emergency use bid of its COVID vaccine in India (Al Jazeera)
India’s Central Drugs Standard Control Organisation has declined to accept Pfizer’s request for approval without a small local trial.