In Hague, Netherlands, India and the Netherlands inked a Memorandum of Intent (MoI) to collaborate on medical product regulation and enhance the quality of medical products and healthcare services for both countries.

The National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India and the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) will be introduced by Dr. Mansukh Mandaviya, the Union Minister of Chemicals and Fertilisers and Minister of Health & Family Welfare at the India International Centre on September 26, 2023.

According to a report by Crisil, the Indian pharmaceuticals industry is expected to post a revenue growth of 8-10% in the current fiscal year, aided by steady domestic growth and increased exports to regulated markets.

The Merger and Acquisition (M&A) boom could witness the emergence of four or more large players who could collectively own over 2,000 eye hospitals in the next five years with a national footprint.

According to Mr. Bhagwant Khuba, Minister of State (MoS) for Chemicals and Fertilisers, India's pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, generating more than 60,000 generic medications across 60 therapeutic categories.