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Karnataka govt to establish Pharma and MedTech Zone in Bengaluru; sets up dedicated Pharma Venture Capital Fund
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Nandita Vijay, Bengaluru
February 21 , 2019
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The Karnataka government will soon be setting up a Pharma and MedTech
Zone in Bengaluru. The state is also working to establish a 'Pharma
Park' at Mangaluru which will give the much needed fillip for
manufacture and also woo the potential investors into the state.
State
Government has set up a dedicated Pharma Venture Capital Fund for
active participation of pharmaceutical industries, financial
institutions and private investors.
In order to give further
thrust on promotion of medical devices manufacturing enterprises, we
have evolved host of strategies, as part of the New Industrial Policy
2014-19. These are special incentives to medical devices sector to
encourage establishment of medical devices park. We have formed a Vision
Group for pharma & medical devices to fast track projects and spur
job growth. But, however, it needs to be noted that, medical devices
industry in India is predominantly import driven accounting for over 65%
of the total market, said K?J?George, Minister for Large & Medium
Scale Industries, Government of Karnataka.
The Medical Devices
Park will have comprehensive infrastructure facilities like common
facilities, calibration, testing, quality control, waste management,
etc.
We are known for extending red carpet to industries and are
looking to build on this legacy and welcome both national and
international companies to set up their pharma & medical devices
base in the state, he added.
In the last two decades, the medical
device industry has undergone a transformation - from being a
domestic-industry- dominated sector prior to 1991 to conversion to
import-dependence post - New Economic Policy-1991, to being a
non-regulated sector prior to 2006 to regulation of 15 notified devices
to the new Medical Device Rules which took effect from January, 1, 2018.
India
is among one of the top 20 global medical device markets and 4th
largest in Asia. In India, medical device sector has registered a growth
of 10% and is expected to reach over US$ 50 billion by 2025.
As
the host state for the 4th edition of International Conference of
Pharmaceuticals and Medical Devices Industry- India Pharma 2019 &
India Medical Device 2019, jointly organized by Department of
Pharmaceuticals, Ministry of Chemicals and Fertilizers in association
with Federation of Indian Chambers of Commerce of Industry, Minister
George said that the two-day event is also seen to be bringing together
international investment community to connect with stakeholders in
pharma and medical device sectors in India.
In order to give
further thrust on promotion of pharmaceutical sector, exclusive pharma
SEZs in Hassan and Yadgir have been established. Indian pharmaceutical
industry supplies over 50 per cent of global demand for various
vaccines. By 2020, India is likely to be among the top three
pharmaceutical markets by incremental growth and is expected to grow to
US$ 100 billion by 2025.
Karnataka, a vibrant pharmaceutical
manufacturing hub, currently ranks 5th in pharma exports and contributes
10% to the country's revenue and 12.37% to the country’s exports in the
pharmaceutical sector.
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