In this episode of State of the economy Podcast, BusinessLine’s Jyoti Dutta speaks to Sudarshan Jain, Secretary General of the Indian Pharmaceutical Alliance (IPA), as he reflects on the achievements and challenges of India’s pharmaceutical industry in 2024.

As the world’s pharmacy, India is making a global impact, supplying medicines to more than 200 countries. Jain outlined the year’s highlights, including the country’s progress towards self-reliance in active pharmaceutical ingredients (APIs) and the success of government initiatives such as the Production Linked Incentive (PLI) scheme.

Jain discussed important issues such as the need for better quality standards and innovation in the pharmaceutical sector, ongoing efforts to combat counterfeit drugs and India’s role in providing affordable medicines globally. Jain emphasized the importance of quality control, the introduction of new medical technologies, and the growing role of Indian companies in the development of biosimilars and mRNA vaccines.

Looking ahead to 2025, Jain shares his vision on how India can strengthen its export market amid geopolitical changes and growing global demand for affordable healthcare solutions. They also discuss how the pharmaceutical industry can contribute to government programs aimed at improving access to medicines, such as the Janu Shidhi scheme, the Ayushman Bharat scheme, and ensuring that health Care should reach the deprived rural areas.

(Host: PT Jyothi Dutta; Producer: Prithsha Gurumurthy)

About the State of the Economy podcast

India’s economy has been hailed as a bright spot amid the general gloom that seems to have gripped the rest of the world. But many sectors continue to rumble even as others are firing on all cylinders.