New -Delhi, April 18 (IANS). Indian pharmaceutical businesses are currently trying to increase their share of the US oncology -generic market of $ 145 billion. This market is growing at a rate of 11 percent annually. This information was given in the new report. In recent months, many Indian pharmaceutical businesses have been approved by the US Food and Drug Administration (FDA) for the generic version of cancer medicine, which has gradually increased the entry of complex generic and biosimillary medicines in the US market. The report states that oncology is one of the fastest growing segments worldwide and that Indian businesses are preparing to enter this high-value area through affordable manufacturing, technical expertise and increasing the approval of the regulation. Experts of the industry believe it shows changes to the completion of traditional generic medicine in terms of complicated formulation and developing capabilities of Indian pharmaceutical enterprises. Due to success in global markets, foreign investment in the Indian pharmaceutical sector also increases rapidly. According to the Department of Pharmaceutical Products, the Pharmaceutical and Medical Devices of India received a direct foreign investment (FDI) of Rs 11,888 CRore between April and December 2024. 19,134.4 crore led. The reason for the increase in FDI in this sector is considered to be the production -linked incentive (PLI) scheme of the central government. It aims to increase domestic manufacturing, reduce imports on imports and increase exports. The scheme, which was introduced in 2021 with a financial layout of Rs 15,000 crore for the pharmaceutical sector, focuses on high-Valu products such as complex generic, bioframa macawutics and cancer medicine. A good result of this scheme is that it has more investment than the initial investment goal. The proposed investment was Rs 3,938.57 crore, while the actual investment reached Rs 4,253.92 crore by the end of 2024. Projects such as Penicillin G. unit in Andhra Pradesh and Clavavanic acid facility in Himachal Pradesh are one of the most important PLI beneficiaries, which is expected to significantly reduce import costs. -Ians abs/
Indian pharmaceutical businesses expand quickly in US markets: Report
