New Delhi [India], July 9 (ANI): In a virtual global address, Prime Minister Narendra Modi on Thursday said Indian pharmaceutical industry has been an "asset" not just for its own country but also for the entire world as it leads to "reducing the cost of medicine" for developing countries.

"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," the Prime Minister said while speaking at the India Global Week 2020.

He also highlighted how vaccines developed in India cater to the masses and the country will contribute in the fight against COVID-19 pandemic globally.

"Vaccines made in India are responsible for two-third of the vaccine needs of the world's children. Even today, our companies are actively contributing in the international efforts for development and production of COVID-19 vaccine," the Prime Minister said.

Talking about the future prospects and the role of India in vaccine production, the Prime Minister added, "I am 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 further went on to call Indians as "natural reformers" and further added that history is proof of that.

"Indians are natural reformers. History shows that India has overcome every challenge be it social or economic. On one hand, India is fighting a strong battle against the global pandemic. With an increased focus on people's health, we are equally focussed on the health of the economy," the Prime Minister added.

The India Global Week 2020 is a three-day virtual conference, being held from July 9 to July 11, themed 'Be The Revival: India and a Better New World', will have 5,000 global participants from 30 nations being addressed by 250 global speakers across 75 sessions. (ANI)