Indian pharma market expected to grow to $130 bn by 2030: Sadananda Gowda

at 6:21 pm
India Pharma market

New Delhi (NVI): The Indian Pharma market has proved to be a dependable supplier of quality drugs and is expected to reach USD 130 billion by 2030, said Union Minister Sadananda Gowda during the curtain raiser press conference on 6th edition of ‘India Pharma & India Medical Device 2021’.

Furthermore, Gowda said that the medical devices industry in the country has the potential to grow at 28 per cent per annum to reach USD 50 billion by 2025.

Following the onset of the pandemic, the Indian pharma industry has shown its role as a reliable supplier of drugs and medical devices in a time of need, he added.

The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, jointly with FICCI & Invest India is organizing the 6th edition of annual program on Pharmaceuticals & Medical Device sector – ‘India Pharma & India Medical Device 2021’ scheduled on 25-26 February & 1-2 March 2021.

Special focus during the International Conference would be the Global Investors Meet by Invest India.

During his address, Sadananda Gowda said, “Healthcare continues to be an integral part of the Government’s priorities with emphasis on medicines at affordable rates, increasing the accessibility to diagnosis and treatment, boost local manufacturing of medical equipment and encouraging innovation to further reduce the cost of healthcare.”

“The government through its various policies and schemes is encouraging the manufacturing of affordable medical devices and pharmaceutical under its ‘Make in India’ initiative. The India Pharma 2021 & India Medical Device 2021 will lay the groundwork for the next wave of development,” he added.

He further stated, “India has been serving more than 200 countries with its pharma products and will continue to discharge its responsibilities. We intend to continue formulating plans that are based on sound science, technology, business sense, and ethics.”

Pharmaceuticals are one of the top-10 attractive sectors for foreign investment in India. FDI inflows in the pharmaceuticals sector reached Rs 3,650 crore in 2019-20, recording a growth of 98 per cent year-on-year, he added.

“While India will continue to strive to achieve and maintain a leadership position in the manufacturing and supply of high-quality generic medicines and medical devices, we also need to look at how to improve access to medical care,” the union minister said.

“At this year’s edition, we would like to deliberate upon strategies to help us innovate and bring newer and affordable therapies to the market and cement India’s position as a truly world-class favoured investment destination,” he added.

He added saying that India is a leading exporter of affordable generics and a major hub for medical devices and diagnostics. India has been serving more than 200+ countries and territories with its pharma products and will continue to discharge its responsibilities.

“We continue to strive to increase the ease of doing business in India for which several measures have already been announced and continue to support domestic manufacturing through measures such as the Rs 400 crore impetus given for the creation of 4 world-class medical device parks, or the Rs 3000 crore allocated for the creation of 3 major bulk drug parks,” Gowda said.

Emphasising the importance of India for the inoculation against COVID-19 globally, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya said India has already made two COVID-19 vaccines and has supplied them to 12 countries.

He highlighted that India has been applauded globally in its fight against Covid. During the pandemic, Indian Pharma industries supplied the necessary medicines to over 120 countries while fulfilling the country’s own needs.

He said that India has launched the world’s largest Covid19 vaccination program and is at the center of the global effort to provide vaccines to other countries.

In addition to this, he expressed confidence that International Conference will provide a platform in converting Covid19 crisis into an opportunity. It will help unlock potential, achieve the required levels of penetration in the sectors, and catalyze innovation. It will encourage both the domestic companies and the global players to Make in India for the world, he added.

The theme for this year India Pharma is ‘Indian Pharma Industry – ‘Future is Now’ and for India Medical Device is ‘India MedTech Future: Innovate & Make in India through Global Alliance’. The Conference is being organized via virtual platform.