Prime Minister Narendra Modi on Saturday called on Indian companies to set ambitious global targets, urging the country’s pharmaceutical firms to strive to become part of the world’s top five.
Addressing the nation from the ramparts of the Red Fort on India’s 80th Independence Day, PM Modi said India’s economic growth should be accompanied by the emergence of globally competitive companies with a stronger international presence.
He also called for India to aim to have 50 companies feature on the Fortune 500 list.
The Prime Minister highlighted the transformation of India’s pharmaceutical sector from a major supplier of affordable medicines to an emerging hub of innovation.
“From the pharmacy of the world to a hub of innovation, India’s pharma sector is moving up the value chain,” PM Modi said in a post on X.
He said the focus was increasingly shifting towards research and development, biologics, biosimilars and next-generation therapies.
“Under the present government, the focus has been on extensive R&D, biologics, biosimilars and cutting-edge therapies,” PM Modi said.
The Prime Minister also highlighted India’s growing medical technology sector, saying domestic manufacturing, reduced import dependence and government support were helping the country emerge as a trusted global med-tech partner.
More than 50 high-end medical devices are now being manufactured in India under the Production Linked Incentive (PLI) scheme, while continued foreign investment reflects growing investor confidence in the sector.
India’s medical technology market is currently valued at around USD 15-16 billion and is growing at nearly 12 per cent annually. The sector is the fourth-largest medical technology market in Asia and among the top 20 globally.
A recent report has projected that India’s domestic medical device industry could emerge as a global powerhouse, with the market expected to reach USD 250 billion by 2047.
-IANS
