Commerce and Industry Minister Piyush Goyal on Sunday called for making India’s pharmaceutical sector more attractive for investments in clinical trials and research and development (R&D).
Addressing a pharma sector event in New Delhi, Goyal urged the industry and domestic regulators to examine global regulatory practices and adopt the best approaches to strengthen India’s pharmaceutical ecosystem.
The minister emphasised the need to create an environment that encourages greater investment in clinical research and innovation. He said adopting globally accepted best practices could help improve the sector’s competitiveness and attract more investment.
Goyal also stressed the importance of developing resilient supply chains in the pharmaceutical industry. He cautioned against excessive dependence on one or two countries or geographies for critical imports.
While acknowledging that certain imported components may be necessary for product development, Goyal said companies should ensure that such supplies are available from multiple geographies and manufacturers.
He said diversification of suppliers would reduce the risk of disruptions and prevent any single country or company from gaining excessive leverage over India’s pharmaceutical supply chain.
The minister’s remarks come amid efforts to strengthen India’s pharmaceutical industry, boost domestic innovation and build more resilient supply chains while expanding the sector’s global competitiveness.
