PM inaugurates the first Global Innovation Summit of the Pharmaceuticals sector

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 articlePM inaugurates the first Global Innovation Summit of the Pharmaceuticalspublished by PIB on 20th Nov 2021.

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