New Delhi: During his inaugural speech at the India Global Week summit, Prime Minister Narendra Modi drew special attention towards vaccines made in India and said that the country will have a significant role in ‘developing and scaling up production’ of the COVID-19 vaccine as soon as it is discovered. Also Read - India Extends $250 Million Worth Financial Support to Maldives to Tackle COVID-19

“The pandemic has once again shown that India’s pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines, especially for developing countries,” PM Modi said, highlighting India’s contribution towards the mass export of anti-malarial drug Hydroxychloroquine or HCQ, that was being used to speed up coronavirus treatment. Also Read - IPL 2020, Match 3 Preview: Sunrisers Hyderabad vs Royal Challengers Bangalore

“India remains one of the most open economies in the world. We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunities India does today,” PM Modi asserted. Also Read - IPL 2020: Jos Buttler Will Miss Rajasthan Royals' Season Opener Against Chennai Super Kings

“Vaccines made in India are responsible for 2/3rd of the vaccine needs of the world’s children. Today also our companies are active in international efforts for development and production of COVID-19 vaccine,” he said.

“I’m certain that India will have an important role in developing and in scaling up production of the vaccine once it is discovered,” the prime minister added.

Notably, India has already entered the league for clinical trials of COVID-19 vaccine with Hyderabad-based Bharat Biotech’s COVAXIN, created in partnership with the Indian Council of Medical Research (ICMR); and another being developed by Ahmedabad-based Zydus Cadila Healthcare Ltd.

Interestingly, ayurvedic practitioners and researchers in India and the US are now planning to join teams and begin clinical trials for Ayurvedic formulations for coronavirus treatment.