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Japanese companies invited to invest in Indian Pharmaceutical & Medical Devices industry
New Delhi, May 23, 2020
India has invited Japanese companies to invest in the Indian Pharmaceutical & Medical Devices industry.
The offer came during a webinar on ‘Medical Devices and API sector: Challenges & Emerging Opportunities’ held yesterday for business and trade collaboration between India and Japan in the post-COVID-19 scenario.
The webinar was organized by the Embassy of India, Tokyo in partnership with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers.
Sanjay Kumar Verma, Ambassador of India to Japan spoke about the opportunity for India and Japan to further boost their relationship in the context of the ongoing COVID-19 crisis.
P D Vaghela, Secretary, Pharmaceuticals presented the sectoral view and the investment opportunities in the pharmaceuticals and medical devices industry in India. He also presented various initiatives taken by the Government of India to promote trade and business in the country.
Navdeep Rinwa, Joint Secretary, Pharmaceuticals explained the Department’s schemes to promote manufacturing of bulk drugs and medical devices such as Production Linked Incentive schemes and Promotion of Bulk Drug/Medical Devices Parks and requested the delegates to avail benefits of the schemes.
Pharmaceutical Traders Association and Japan Federation of Medical Devices Associations deliberated on the post-COVID-19 challenges and opportunities for Pharmaceuticals & Medical Devices sectors and its impact on the global supply chain and suggested that cooperation between the two countries can contribute to stabilizing the supply-chain of especially APIs and Medical Devices.
A representative of JETRO Chennai also shared insights on challenges and emerging opportunities in API sector and Medical Devices.
Mona K C Khandhar, Minister (Economic & Commerce), Embassy of India, Tokyo mentioned about the resilience and strength of the Indian economy and detailed on the stimulus and reform packages announced by the Government of India to address the COVID-19 crisis and to improve the investment environment. The advantages of Indian economy, FDI ecosystem & Japan-specific facilitation were also mentioned.
Representatives of Japanese subsidiaries Nipro India Corp and Eisai Pharmaceuticals India Pvt Ltd shared a detailed presentation and their experience in ‘Make in India’ program.
Representatives of major Indian Pharmaceutical and Medical Device Associations presented the future growth opportunities and way forward for Pharmaceutical and Medical Device industry in India.
Representatives of State Governments of Gujarat, Telangana, Himachal Pradesh and Goa offered finer details of the investment opportunities in their respective States including a package for incentives and tax benefits, ease of doing business initiatives, land availability, infrastructural facilities, regulatory framework and invited Japanese companies for investing in their respective States.
Representatives of Andhra Pradesh MedTech Zone, Wockhardt, Sun Pharma, Panacea Biotec and other large numbers of Japanese companies also participated in the webinar as part of G2B and B2B networking.