NEW DELHI: The 10th International Pharmaceutical Exhibition (iPEX) was inaugurated on Wednesday at the India Expo Mart in Greater Noida by Jitin Prasada, Union Minister of State for Commerce and Industry of India.
The event brought together industry leaders, regulatory officials, and experts to discuss the latest trends, innovations, and opportunities in the pharmaceutical sector.
In his inaugural address, Minister Jitin Prasada highlighted the critical role of India’s pharmaceutical industry on the global stage.
“India, often referred to as the ‘Pharmacy of the World,’ is home to over 3,000 pharma companies and contributes significantly to global healthcare.
With over 60,000 therapeutic brands, we meet 60% of the world’s vaccine demand,” he stated. Prasada also pointed out that India’s pharmaceutical exports have seen remarkable growth, with the US being the top export market, accounting for 34% of total exports.
He noted the increasing acceptance of Indian pharma products in Europe, where exports have risen from 14-15% to 27.85% of the market share.
Looking ahead, Prasada expressed confidence in the future of the Indian pharmaceutical industry. “We are committed to making India a global leader in pharmaceuticals by 2047, with a target of reaching $120 billion in exports by 2030,” he said.
The Minister also emphasized the importance of self-reliance in the sector, underscoring the government’s efforts through the Atmanirbhar Bharat initiative and Production Linked Incentive (PLI) schemes for bulk drugs, with an investment of ₹15,000 crores.
“We are forging strong relationships with MSMEs to ensure a robust and self-sustaining pharmaceutical industry,” he added.
Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India, also addressed the gathering, stressing the importance of maintaining high standards of quality in the industry. “As regulators, we understand our responsibility to ensure the safety and efficacy of pharmaceutical products consumed by patients worldwide,” he said.
Dr Raghuvanshi spoke about the introduction of a QR code system on every API (Active Pharmaceutical Ingredient) pack, whether imported or exported, to enhance traceability and curb unethical practices in the supply chain.
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He also highlighted the push towards digitization and assured that every concern, including those raised by international companies, is being addressed promptly. “I am pleased to announce that 10 countries have accepted the Indian Pharmacopoeia as a standard quality reference, a testament to the credibility we have built since its launch in 1984,” he added.
The event concluded with an award ceremony recognizing outstanding performers in the pharmaceutical industry.
The prestigious Platinum Star for All-Round Performance was awarded to Serum Institute of India Private Ltd., while Laurus Labs Limited received the Gold Star. The Silver Star in the MSME category was awarded to Bafna Pharmaceuticals Limited. In the Women Entrepreneur category, Swati Spentose Pvt Ltd. was also honoured.