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Indian pharma likely to grow to $130 bn by 2030
Indian pharma likely to grow to $130 bn by 2030
Currently valued at $49 billion,Indian pharma industry is the third largest in the world
Hyderabad: The Indian pharma industry is expected to grow to $130 billion by 2030 and become the leading provider of medicines to the world, said Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain on Thursday.
The Indian pharma industry is currently valued at $49 billion and is the third largest in the world. India supplied medicines to over 200 countries in the world, he said.
He was speaking on the sidelines of three-day trade shows on laboratory technology and Pharma - machinery segments, which kicked off here. Sudarshan Jain said that with India becoming the fifth largest economy in the world, this is the time for Indian industry to make a difference in the world. He stressed on innovation, self-dependence, diversifying the export market and building capacity for the Indian industry to be future-ready.
DrViranchi Shah, national president, Indian Drug Manufacturers Association (IDMA) felt that Production Linked Incentive Schemes (PLIs) and cluster manufacturing are contributing to the pharma sector's growth. According to him, India is aspiring to be number one in the next 25 years.He opined that PLIs and cluster manufacturing will reduce India's dependence on imports. "When India completes its 100 years of independence, Indian pharma in 2047 will be a $500 billion industry. PLI 1.0 and 2.0 are vital for India to achieve this goal," he said.
The IDMA is working closely with the government of India on PLI 2.0. Large part of imported medicine and equipment will be manufactured locally, decreasing dependence on imports and giving healthcare security to India. India is moving from being a generic manufacturing giant to value addition. Innovation, technology and entrepreneurship will drive India towards this, he opined.
Ravi Uday Bhaskar, Director General, Pharmexcil said that the future for the Indian pharma and allied industries is bright but there are challenges too. Any export will depend on the importing policies of other countries. There is a need to streamline the industry especially in terms of regulations. Different countries have different regulations. Industry-regulator understanding is important for growth.
