New Delhi: Indian pharmaceutical industryOften referred to as the ‘pharmacy of the world’, it has been a steadfast contributor to the country’s economic growth and is now growing at a rapid pace. MedTech And Biosimilars Moving away from technology generic drugs,

“We are moving very fast from generic drugs to biosimilars now. We are moving equally fast in medtech. And you will see that this industry will grow even faster in the coming years, and most independent market-based research firms project the Indian pharma and medtech industry as one with the best and brightest future,” he said. Arunish ChawlaSecretary, Department of PharmaceuticalsMinistry of Chemicals and Fertilizers told ANI.

Medtech (or medical technology) is a field that falls under the broader scope of medical technology. Health care systemsThis segment focuses on the design and manufacturing of a wide range of medical products/devices for diagnosis, prevention, monitoring, treatment and patient care.

However, biosimilars are similar organic products Which are similar to an approved reference biological product in terms of quality, safety and efficacy. The formulation, route of administration, dosage and strength of the biosimilar must also be similar to the reference product.

Chawla also said that according to a study conducted in the United States, 50 per cent of all generic medicines and 40 per cent of all prescription medicines come from India.

He said, “A study conducted in the United States in the year 2022 found that 50 per cent of all generic medicines and 40 per cent of all prescription medicines were sourced from India.”

The Secretary also pointed out that the Indian pharma industry is growing at double digit rates year after year, and has achieved real double digit growth in the last 10 years.

He said India has the highest number of plants certified by the WHO (World Health Organisation) and the US FDA (Food and Drug Administration). Nearly half of the vaccines supplied globally by the WHO and UNICEF (United Nations Children’s Fund) under their programmes come from India. (ANI)