India plans to set up a US$ 1.3 billion fund to boost the manufacture of pharmaceutical ingredients domestically.
How so, since India is already a big pharma player? For example, India supplies about 20% of the world’s generic drugs and is the world’s largest exporter.
Well, in pharma as in everything else in life, all things are connected.
You see, India’s supply chain was disrupted due to the coronavirus pandemic – exposing the country’s dependence on China.
Here’s where “we are all connected” comes in – India is indeed a global leader in pharma but it imports almost 70 per cent of its active pharmaceutical ingredients, the chemicals that make a finished drug work, from China.
Which part of China provides the ingredients? Hubei province, the epicenter of the coronavirus outbreak has been major source of these ingredients.
The new program consists of spending on infrastructure for drug manufacturing centers and financial incentives of up to 20 per cent of incremental sales value over the next eight years, according to a government statement.
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Author: Stephen Manallack
Former President, Australia India Business Council, Victoria and Author, You Can Communicate; Riding the Elephant; Soft Skills for a Flat World (published by Tata McGraw-Hill INDIA); Communicating Your Personal Brand.
Director, EastWest Academy Pty Ltd and Trainer/Speaker/Mentor in Leadership, Communication and Cross Cultural Communication.
Passionate campaigner for closer western relations with India.
Stephen Manallack is a specialist on “Doing Business with India” and advisor/trainer on “Cross-Cultural Understanding”. He is a Director of EastWest Academy Pty Ltd which provides strategic advice and counsel regarding business relations with India.
A regular speaker in India on leadership and global communication, his most recent speaking tour included a speech to students of the elite Indian university, Amity University, in Noida. He also spoke at a major Federation of Indian Chambers of Commerce and Industry (FICCI) global summit, the PR Consultants Association of India in Delhi, the Symbiosis University in Pune and Cross-Cultural Training for Sundaram Business Services in Chennai. He has visited India on business missions on 10 occasions and led three major trade missions there. He provides cross-cultural training – Asia and the west.
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