Raja Bhanu, Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), gave a keynote address at the second edition of the ET Pharma Next Gen LabCon event, emphasizing the critical need for technology investment among Micro, Small, and Medium Enterprises (MSMEs) in India’s pharmaceutical sector. In his speech, “Navigating the Future of Pharmaceutical Exports,” he highlighted the notable disparity between large and small business setups and provided concrete recommendations for raising standards of quality and maintaining India’s position as the world leader in the pharmaceutical sector.
Bhanu emphasized that MSMEs need to invest in cutting-edge technologies to guarantee excellent quality and dependability if India is to continue to lead the pharmaceutical industry. He emphasized the significance of implementing artificial intelligence (AI), data analytics, and automation for early error identification and quality control. In order to satisfy the rising demands of worldwide markets and maintain global quality standards, these technologies are needed.
By 2030, the pharmaceutical industry in India hopes to reach a $120 billion target. Bhanu challenged the industry to expand its product portfolio beyond typical small molecules to include biosimilars, complicated generics, and gene treatments in order to meet this lofty target. He underlined that for Indian pharmaceutical products to successfully compete on the international arena, high quality and cost must be balanced. Maintaining this equilibrium is essential to preserving India’s standing as a supplier of premium goods at reasonable costs.
In response to long-standing worries about drug safety, Bhanu stressed that the legitimacy of the sector depends on strict quality control. Prolonged neglect of quality-related matters can harm the standing of individual businesses and the industry at large, resulting in significant losses for the country. He advocated for the improvement of problem identification and resolution by incorporating artificial intelligence (AI) and machine learning (ML) into both sophisticated and entry-level technology. Additionally, Bhanu supported the creation of such equipment in the country by combining pharmaceutical technology (PT), biotechnology (BT), and information technology (IT) with the right software to raise industry standards generally.
Bhanu emphasized how crucial it is to accurately and transparently record data in order to adhere to importers’ expectations as well as international trade regulations. He made the point that human error accounts for a large portion of product rejections in laboratories, and that in order to maintain product integrity, this error must be managed and examined scientifically.
Bhanu concluded by underlining the importance of ongoing quality control and technical innovation for the legitimacy and prosperity of India’s pharmaceutical industry. He said, “The more we are tried and tested, the more we will be trusted,” underscoring the necessity of continuous investment in technology and quality to maintain India’s standing as the world’s top pharmaceutical producer. This dedication to quality will enable the industry to deliver cost-effective healthcare solutions while meeting demanding international standards.
SOURCE:
ETHEALTH WORLD
