With a population of over ten million, Gujarat is one of the most important pharmaceutical states in the country. The state’s pharmaceutical industry produces approximately one-third of the nation’s total output. This region is the leading producer of medical devices, including half of India’s intraocular lens and thirty-five percent of its diagnostic kits. In addition, the state’s CRAMS (crystal-resin microspheres) is responsible for 40% of the world’s CRAMS.
The pharma industry
The Gujarat Government is working towards creating a pharmaceutical environment that is more investor-friendly. The state has established four Pharmaceutical Special Economic Zones (SEZs) to attract foreign direct investment in the pharmaceutical industry. These zones are accompanied by infrastructure and tax benefits that are designed to promote pharma exports. The state’s Industrial Development Corporation (GIDC) has also set aside dedicated industrial parks in order to foster the growth of the pharma industry.
Last Speech
The state’s favorable regulatory environment for pharma has helped Gujarat’s pharma industry grow significantly. Since the FDCA’s implementation, manufacturing licenses have been granted in as little as 60 days, compared to 180 days and over two years previously. As a result, more than three hundred new pharma manufacturing facilities have opened in the state. Increasing consumer spending and increasing demand for healthcare in India have also fueled the growth of the pharmaceutical industry in the state. The pharma and healthcare industries in Gujarat are projected to reach US$100 billion by 2025, making Gujarat a hub of the pharmaceutical and healthcare sector.
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