The Indian pharmaceutical industry is expected to grow at a compound annual rate (CAGR) of 12% and reach $130 billion by 2030, industry executives said at an industry event.
“There is a strong push from the government towards creating an ecosystem for innovation so that India can become a leader in discovery of drugs and medical technology,” said S.V. Veeramani, vice-chairman, Pharmexcil.
“Currently, the Indian pharmaceutical market is valued at around $50 billion, out of which almost $25 billion constitutes the export market. The domestic market will touch $130 billion by 2030 out of which over 60% will only be exports,’ he added.
Industry executives said the government should set up a separate Ministry for the pharma sector to encourage domestic producers and help bring down Chinese imports.
They also mulled the idea of having a single industry organisation to put across the grievances of the pharma industry before the government, to help expand it to its true potential.
They were speaking at the 15th edition of CPHI & PMEC India.
Vivek Singhal, director general of The Organisation of Pharmaceutical Producers of India said: “The industry needs to collaborate and co-work and unite for a collective voice on IPR related issues.”
Ravi Uday Bhaskar, director general, Pharmexcil said: “Indian pharmaceutical exports have recorded an impressive growth of around 5% in the current financial year. Despite having global challenges, we have exported over $25 billion in the biggest market, which means about 30% of our exports are going to the US.”
Addressing the opportunities in this sector, Yogesh Mudras, managing director, Informa Markets in India, the organisers of the event, said, “India’s pharmaceutical sector has emerged as a life sciences leader within the post-pandemic order.”
“India’s pharmaceutical sector is a $50 billion industry and is anticipated to grow to at least $150 billion in less than a decade. The government is also developing new strategies to strengthen the sector which has led to the creation of innovation hubs making India an ideal testing ground for innovations in digital health” he added.