Union Health Minister Mansukh Mandaviya on Saturday said the domestic pharmaceutical industry should focus on quality and affordable manufacturing in order to compete globally.

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Mandaviya speaking at a round-table conference with CEOs of leading pharmaceutical companies, also asked the industry to have an enhanced focus on research and innovation in the sector.

"The industry is progressing at a rapid rate, and to maintain our stature as the 'Pharmacy of the World', we need to focus on quality and affordable manufacturing with an increased focus on research and innovation," Mandaviya said in the meeting as per a government statement.

The chemicals and fertilisers minister urged the stakeholders to capitalise on the current opportunities, stating that substantial investment in terms of production linked incentive schemes as well as upcoming drug parks are bearing fruitful results.

To catalyse growth, the industry must maintain a degree of competitiveness to consolidate presence in the world, Mandaviya said.

Reiterating the government's commitment and resolve, the Union health minister stated that the government is industry-friendly and welcomes opportunities for collaboration.

The government and industry, both integral to the nation's progress, must work cohesively to achieve holistic growth, he noted.

Affirming government support, Mandaviya invited the stakeholders to put forth their suggestions addressing the aspects of pricing, regulatory, policy and strategy, with the respective action points in a detailed presentation.

He noted that due consideration will be given to facilitate further policy support and growth.

The roundtable saw participation from over 60 companies represented by senior leadership.