India's Department of Pharmaceuticals Secretary P D Vaghela said that India and Japan need to collaborate to tap the opportunities provided by the pharmaceutical and medical devices industry in India, as reported The Financial Express on Thursday.
Addressing an investment forum for Japanese investors, Vaghela said the pharmaceutical and medical devices sector in India is attracting very good levels of foreign direct investment as the government is giving prompt approvals for FDI proposals.
"In our trade with Japan, we export $180 million worth of mainly APIs [active pharmaceutical ingredients] and some generics and we import some of the high-end medicines from them. In medical devices, we import around $268 million from Japan, which is a very small percentage of $5.6 billion of the medical devices imported by India from all over the world," Vaghela said.
"We have 81 pharma clusters in the country with available land, and recently we have launched four schemes, with two schemes for bulk drugs focusing on manufacturing of critical key starting materials, drug intermediates and active pharmaceutical ingredients," Vaghela said.
"Last time I was told that Japan could be interested in investing in these schemes, so we can sign a partnership or help you invest in these schemes, which are very attractive," he added.
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