Pharma sector will cross $130-bn mark by 2030

Hyderabad: Hyderabad, which is known as the pharma hub of India, is home to 214 USFDA approved facilities in the city and as the growth of the pharma market is coming from complex molecules, it will force companies to invest and build future state-of-the art labs, said Dr Reddy’s Laboratories Limited’s official.

Speaking at the ninth edition of B2B pharma expoPharmaLytica 2023 here, Avinash Kumar Talwar, Vice President, Dr Reddy’s Laboratories said that the Indian pharmaceutical industry is valued at around $50 billion and is expected to grow at a CAGR of 10.7 per centtill 2030. The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by 2030.

He further said, “We should be proud that in total there are 214 US FDA approved facilities in Hyderabad which is impressive and that is another reason why Hyderabad is known as the Pharma hub of India. As the growth of Pharma market is coming from complex molecules, it will force them to invest and build future state-of-the art labs.”

He further said thatthe demand for sophisticated equipments and instruments to aid in the process of drug discovery, development, analysis and modelling of the compounds will continue to grow at the same pace. There are many small laboratories in Hyderabad and other South Indian cities like Chennai and Bengaluru, he added.