Indian Pharma Industry likely to grow to $130 bn by 2030
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The Indian Pharma Industry likely to grow to $130 bn by 2030 and is expected to become the leading provider of medicines to the world. said Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA), today.
He also mentioned that the third-largest pharmaceutical sector in the world, with a current market value of $49 billion, is found in India, the country is providing medications to more than 200 nations worldwide.
He was speaking on the sidelines of two three-day trade fairs that had just begun in the area: one on laboratory technology, the other on pharmaceutical apparatus.
The time has come, according to Sudarshan Jain, for Indian business to make a difference in the world as India's economy rose to the fifth-largest in the world. He emphasised the importance of innovation, independence, export market diversification, and increasing capacity for the Indian industry to be future-ready.
Production Linked Incentive Schemes (PLIs) and cluster manufacturing, according to Dr. Viranchi Shah, National President of the Indian Drug Manufacturers Association (IDMA), are driving the expansion of the pharmaceutical industry. He claims that India wants to top the world in the following 25 years.
PLIs and cluster manufacturing, in his opinion, will lessen India's reliance on imports.
"By the time India celebrates 100 years of independence, the country's economy will be worth $500 billion. For India to accomplish this, PLI 1.0 and 2.0 are essential, the official said.
PLI 2.0 is being developed in close collaboration with the Indian Government by the Indian Drug Manufacturers' Association (IDMA). The goal is to manufacture a significant portion of imported medicine and equipment locally in an effort to reduce India's reliance on imports and provide healthcare security.
The future is promising for the Indian pharmaceutical and related businesses, but there are also difficulties, according to Ravi Uday Bhaskar, Director General of Pharmexcil. The import regulations of other nations will affect any export. The sector needs to be streamlined, particularly with regard to rules. There are many laws in various nations. Understanding amongst industry regulators is crucial for development. Global regulatory standards that are similar to those in the European Union must be developed, according to him, in order to benefit the pharmaceutical business.
The three concurrent trade exhibitions, Analytica Anacon India, India Lab Expo, and Pharma Pro & Pack Expo 2022, brought together decision-makers, business stakeholders, policymakers, top manufacturers, and buyers of pharmaceutical machinery, analytical equipment, and laboratory technology.
The Indian Pharma Machinery Manufacturers Association (IPMMA), the Indian Analytical Instruments Association (IAIA), and Messe München jointly organised Analytica Anacon India, India Lab Expo, and Pharma Pro & Pack Expo 2022, in Hyderabad. The event brought together decision-makers, industry stakeholders, and policymakers, as well as top suppliers of pharmaceutical machinery, analytical equipment, and laboratory technology. More than 400 suppliers participated at the event, which included more than 5,000 goods.