Japanese firms invited to invest in Indian pharma, devices industry

The event, titled “Medical Devices and API sector: Challenges & Emerging Opportunities,” aimed to boost business and trade collaboration between India and Japan in the post-COVID-19 scenario

May 23, 2020

The Indian pharma sector is expected to grow to US$100 billion and the medical device market expected to grow US$25 billion by 2025

The webinar was attended by ​the representatives of Japan Pharmaceutical Traders Association and Japan Federation of Medical Devices Associations

India’s pharmaceutical industry, the largest provider of generic drugs globally, has been a leading supplier of drugs amid the Coronavirus crisis

India has introduced Production Linked Incentive schemes and Promotion of Bulk Drug/Medical Devices Parks to boost opportunities in the space

An international webinar, organized by the Embassy of India, Tokyo, in partnership with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers on May 22, invited Japanese companies to invest in the Indian pharmaceuticals and medical devices industry. ​The event, titled “Medical Devices and API sector: Challenges & Emerging Opportunities,” aimed to boost business and trade collaboration between India and Japan in the post-COVID-19 scenario. India’s pharmaceutical industry, the largest provider of generic drugs globally, has been a leading supplier of drugs amid the Coronavirus crisis. The capabilities of this industry can be further augmented with international partnerships that will help bring in the best of innovations and human resources to develop healthcare solutions for the future. 

The webinar was attended by ​the representatives of the Japan Pharmaceutical Traders Association and Japan Federation of Medical Devices Associations. In the webinar, Sanjay Kumar Verma, Ambassador of India to Japan, talked about the golden opportunity for India and Japan to boost their relationship in the context of the COVID-19 crisis. Meanwhile, Dr. PD Vaghela, Secretary, Pharmaceuticals, presented the sectoral view and the investment opportunities in the pharmaceutical and medical device industry. He also presented various initiatives taken by the Government of India to promote trade and business in the country. Additionally, Navdeep Rinwa, Joint Secretary, Pharmaceuticals, explained the Department’s schemes to promote the manufacturing of bulk drugs and medical devices in the country.

India has introduced Production Linked Incentive schemes and Promotion of Bulk Drug/Medical Devices Parks to boost opportunities in the space. At the webinar, the Indian and the Japanese sides deliberated on the post-COVID-19 challenges and opportunities for pharmaceutical and medical device sectors and its impact on the global supply chain and suggested that cooperation between the two countries can contribute to stabilizing the supply-chain of especially APIs and Medical Devices. JETRO Chennai shared insights on challenges and emerging opportunities in the API sector and Medical Devices. Other participants included Japan’s Nipro Corp and Eisai Pharmaceuticals. The Indian pharma sector is expected to grow to US$100 billion and the medical device market expected to grow US$25 billion by 2025. 

​Representatives of the State Governments of Gujarat, Telangana, Himachal Pradesh, and Goa offered finer details of the investment opportunities in their respective States including a package for incentives and tax benefits, ease of doing business initiatives, land availability, infrastructural facilities, regulatory framework and invited Japanese companies for investing in their respective States. ​Representatives of Andhra Pradesh MedTech Zone, Wockhardt, Sun Pharma, Panacea Biotec, and other large numbers of Indian and Japanese companies also participated in the webinar as part of G2B and B2B networking.