Indian pharma market set to grow to $130 billion by 2030 from current $44 billion
Indian pharma market set to grow to $130 billion by 2030 from current $44 billion
A top pharmaceutical industry executive said all multinational corporations are trying to round up their supply chain post the COVID-19 pandemic and opting for China plus one strategy, capitalizing on this opportunity for India to become an alternative to China needed.
“We [India] All multinationals have the talent to capture the China plus one strategy. We should be that plus one. India is not alone in this race. Many Asian countries are eyeing it. India should be real in that plus one,” said KG Ananthakrishnan, director general, Pharmaceutical Producers of India (OPPI) while urging the Indian pharmaceutical industry to scale up quality and digitization.
He said that the Indian pharmaceutical market will grow from the current level of $44 billion to $130 billion by 2030, growing at a CAGR of 12.3%. By 2047, when India is 100. will celebrate th Addressing PharmaLytica, a three-day exhibition organized by Informa Markets in Mumbai, he said that on Independence Day, the Indian pharma industry should grow to the size of half a trillion dollars or $600 billion.
“This goal can be achieved by having a global outlook, existing full benefits across various industries in Asian geographies as well as by encouraging factors of production, favorable business environment and government policies,” he said.
Emphasizing on the importance of quality, Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance, said, “India has to lead in innovation and R&D will play an important role going forward.”
He said that the role played by Indian pharmaceutical companies during Kovid has changed the perception of the whole world.
“The world could not believe that we supplied medicines and vaccines to 200 countries in a row during the 25 months of the COVID-19 pandemic, we increased the digital capabilities during COVID-19 and that is how we maintained the supply, Mr. Jain said that more emphasis should be given to quality now to garner a major share of the global pharma business.
He said that digital transformation across the entire value chain is critical for patient care, greater transparency, cost-effectiveness, better manufacturing and drug development.
“The next five years will see a lot of changes. Latest technologies like Artificial Intelligence (AI), AR/VR, Block Chain will come into play,” he said.
Around 300 brands are showcasing their products and solutions in the annual three-day exhibition, which is supported by Pharmaceuticals Export Promotion Council of India, Indian Drug Manufacturers Association (IDMA) and Cosmetics Ingredients and Packaging India (CPI).
Rahul Deshpande, Senior Group Director, India, Informa Markets said, ,Today pharma is recognized as a well established sector for the economy of our country and is projected to grow three times in this decade. While it is expected to be a $65 billion industry by 2024, with a significant contribution from generics, the pharmaceutical industry is all set to further expand its R&D capabilities and offer cutting-edge products in the post-pandemic world. ,