New Delhi [India], April 14 (ANI): India's pharmaceutical sector is witnessing rising cost pressures due to the ongoing West Asia crisis, with increased freight, insurance, and input costs impacting the supply chain, said Sudarshan Jain, General Secretary, Indian Pharmaceutical Alliance (IPA).
In an exclusive conversation with ANI on Tuesday, talking about the impact of the crisis, Jain said there has been a definite increase in freight costs, along with a rise in insurance expenses and solvent prices, which are critical inputs for pharmaceutical manufacturing.
"Yes, there has been a definite increase in the freight cost. There is an insurance cost which has gone up and there is a cost increase in the solvent. We are working very closely with the government and the primary task at the moment is to ensure that the products are available because we owe a lot to the world that we supply to more than 200 countries and the patients around the world depend on us," he said.
Despite these challenges, Jain emphasised that the primary focus of the industry and government is to ensure the uninterrupted availability of medicines, both domestically and globally.
He added that multiple government departments, including the Department of Pharmaceuticals and the Ministry of Commerce, are working in coordination with the industry to ensure that critical inputs remain available and supply chains function smoothly.
"The Department of Pharmaceuticals, Commerce Ministry, and the industry are working together to ensure that inputs are available and products are supplied on time to patients globally," Jain noted.
Highlighting the importance of the sector, Jain also said the pharmaceutical industry is a strategic pillar of the Indian economy, contributing USD 30 billion in exports and USD 30 billion to the domestic market.
India supplies medicines to more than 200 countries and has the highest number of USFDA-approved manufacturing plants, reinforcing its position as a key global supplier of pharmaceuticals.
Looking ahead, Jain said the industry has set an ambitious target of contributing USD 450 billion by 2047, with innovation playing a central role.
"The sector can be a very great contributor to the country. What will play an important role going forward is innovation, especially affordable innovation at scale," he said.
Jain further said that industry leaders have aligned on a vision to develop more than 100 products by 2047, with a focus on strengthening regulatory frameworks and making India a global benchmark in pharmaceuticals.
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This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.
