‘Reduce dependency on foreign countries for raw materials’

Murali Krishna, Director, Pharmexcil says, “In India, we have required resources, infrastructure and capabilities, but when it comes to raw materials, the dependence on other countries for raw material is up to 60% to 70%. Majority of raw material comes from China and some special chemicals from South Korea, Taiwan and Japan. During COVID-19 pandemic, India proved its capabilities as it produced two most effective vaccines like Covaxin and Covishield in huge quantities and supplied it worldwide.
During FY2022-FY2023, we have touched $25 million, around 3.5 per cent growth in this sector. These are very important figures for the Indian pharma sector. Almost 5.6% of merchandise trade is from the pharma sector also its third largest Indian exports commodity.”