New Delhi (NVI): The Indian pharmaceutical industry is expected to touch USD 130 billion by 2030 from the current USD 38 billion, according to Invest India .
The major industry growth drivers need to work on accelerating the goal of universal healthcare across India and the world by providing access to high-quality affordable drugs.
The government can be a key enabler to achieve this, through strategic interventions such as increasing expenditure on healthcare from about 1 per cent to 2.5 per cent by 2025 and to 5 per cent of GDP by 2030.
India is a prominent and rapidly growing presence in global pharmaceuticals. It is the largest provider of generic medicines globally, occupying a 20% share in global supply by volume, and also supplies 50% of global demand for vaccines.
India ranks 3rd worldwide for production by volume and 13th by value, thereby accounting for around 10% of world’s production by volume and 1.5% by value.
India is the source of 60,000 generic brands across 60 therapeutic categories and manufactures more than 500 different Active Pharmaceutical Ingredients (APIs).
The Department of Pharmaceuticals aims to make the country a hub for end-to-end drug discovery under its ‘Pharma Vision 2020’.