PM to inaugurate First Global Innovation Summit of Pharmaceuticals sector

WHY IN THE NEWS?

Prime Minister Narendra Modi is set to inaugurate the “First Global Innovation Summit of Pharmaceuticals sector”.

About:

• The global innovation summit will be launched at 4 PM in virtual mode.
• It is a two-day Summit comprising of 12 Sessions.
• In the summit, around 40 national and international speakers will deliberate on several subjects including the regulatory environment, industry-academia collaboration, funding for innovation, and innovation infrastructure.
• The Summit will see the participation of leading members of domestic & global Pharma Industries, investors, officials, and researchers from institutes like- Massachusetts Institute of Technology, IIM Ahmedabad, John Hopkins Institute etc.

Aim of the Summit

This summit is a distinctive initiative, that will be held with the aim of bringing together the key Indian and international stakeholders from the government, academia, industry, investors, and researchers for discussing and strategizing priorities to foster an innovation ecosystem in the pharmaceuticals industry in India. The summit will also highlight the opportunities in the Indian Pharmaceuticals industry, that has huge potential for growth.

Pharmaceutical industry in India

Pharmaceutical industry in India is the world’s 3rd largest by overall volume. It is also the world’s largest with respect to providing generic medicines worldwide. In 2021, it accounted for 20% of total global pharmaceutical exports by volume and 3.5% share by value.

Major pharmaceutical hubs in India

Vadodara, Vapi (Gujarat) Ahmedabad, Ankleshwar (Gujarat), Sikkim, Baddi (Himachal Pradesh), Visakhapatnam, Kolkata, Mumbai, Pune, Hyderabad, Bangalore, Aurangabad and Chennai.