05 Nov 2020Professional Services
The Pharmaceutical and Medtech sectors are major sectors of the Indian economy. In FY 2019-20, these sectors contributed 1.5% to the Indian economy providing employment directly and indirectly to over ~3 million people. The Pharmaceutical and Medtech sectors have been growing at double digit rates with the potential to continue to grow at similar rates over the next decade. Consequently, these sectors are important for the Government of India’s 'Make in India’ program and the ‘Atmanirbhar Bharat’ program, with a view to make India a global manufacturing hub for these critical sectors. The pandemic has also emphasized the need for ensuring sufficient availability of quality drugs and medical equipment to meet the healthcare needs of Indians without being affected by global supply disruptions. This implies being more self-sufficient in the production of pharmaceuticals and medical devices. As part of Vision 2025, the Prime Minister of India, on 21 March 2020, announced a package of incentives for the healthcare sector to boost investment in manufacturing.