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What is the News?
The Prime Minister has inaugurated the first Global Innovation Summit of the Pharmaceuticals sector.
About Global Innovation Summit of the Pharmaceuticals Sector
Organized by: Indian Pharmaceutical Association.
Aim: To bring together key Indian and international stakeholders from the government, industry, academia, investors, and researchers to foster a thriving innovation ecosystem in the Pharmaceuticals Sector.
What are the key highlights from the summit?
Firstly, the Indian pharmaceutical industry has risen to the challenge during the COVID-19 pandemic and earned global trust, which has led to India being called the ‘pharmacy of the world’.
Secondly, India has exported more than 65 million doses of COVID-19 vaccines to about 100 countries in 2021. India exported medical equipment and life-saving medicines to more than 150 countries during the onset of the COVID-19 pandemic.
Thirdly, the Indian pharmaceutical industry provides employment to nearly 3 million people, and generates a trade surplus of about thirteen billion dollars.
Lastly, the Indian healthcare sector has attracted over $12 billion in foreign direct investment (FDI) since 2014.
Source: This post is based on the article “PM inaugurates the first Global Innovation Summit of the Pharmaceuticals” published by PIB on 20th Nov 2021.