M. Jayant Tagore
It is indeed an honor to serve as the President of our Association in the silver jubilee year. The Association came into being in the year 1991, and I have had the privilege of serving the association in various capacities through the years.
Over the period our industry has grown and become globally recognized as a reliable and cost-effective supplier of APIs.
The growth of our industry depends on GMP compliance. Manufacturing of medicines is a matter of national security and the government has been proactive in framing policy matters and amending laws to facilitate industry.
We are proud of the fact that our industry provides significant direct and indirect employment to skilled and semi-skilled employees.
According to reports, the API sector is valued at around US$ 120 billion and projected to grow at a CAGR of 6.5 percent to US$ 185.9 billion by 2020. India has over 2,000 API manufacturing units producing nearly 1,500 APIs, which is estimated at US$ 9 billion. Out of this, nearly 50 percent is for export.
As part of the natural growth process, we tend to refine and upgrade the existing mechanisms. Similarly, the domestic and international accreditation agencies have been coming out with new standards to be adopted too. Although the adoption of these standards comes at the cost, it is for the long-term benefit for the members to adopt the same.
We have been representing to various government agencies, on the dependence of imports for key starting materials and are hopeful that necessary action would be taken to ensure domestic production is facilitated.
We have been organizing knowledge sharing sessions, through government and private agencies on issues pertaining to our industry, for the benefit of our members.
We acknowledge the support of Pharmexcil for relentlessly pursuing opportunities in new markets, and protect the interests of Indian exporters. And Life Sciences Sector Skill Development Council for initiating skilling activities for our industry.
I thank the members, executive committee, past presidents and BDMA Secretariat for their unconditional support.
Wishing the very best