IPA Secretary General says Indian pharma industry likely to grow to USD 130 billion by 2030

Dr Viranchi Shah opined that PLIs and cluster manufacturing will reduce India's dependence on imports.;

Published On 2022-09-16 05:45 GMT | Update On 2022-09-16 06:21 GMT

Hyderabad: The Indian pharma industry is expected to grow to $130 billion by 2030 and become the leading provider of medicines to the world, said Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain on Thursday.

The Indian pharma industry is currently valued at $49 billion and is the third largest in the world. India supplied medicines to over 200 countries in the world, he said.

He was speaking on the sidelines of three-day trade shows on laboratory technology and Pharma - machinery segments, which kicked off here.

Sudarshan Jain said that with India becoming the fifth largest economy in the world, this is the time for the Indian industry to make a difference in the world. He stressed on innovation, self-dependence, diversifying the export market and building capacity for the Indian industry to be future-ready.

Dr Viranchi Shah, National President, Indian Drug Manufacturers Association (IDMA) felt that Production Linked Incentive Schemes (PLIs) and cluster manufacturing are contributing to the pharma sector's growth. According to him, India is aspiring to be number one in the next 25 years.

He opined that PLIs and cluster manufacturing will reduce India's dependence on imports.

"When India completes its 100 years of independence, India in 2047 will be a $500 billion industry. PLI 1.0 and 2.0 are vital for India to achieve this goal," said.

The IDMA is working closely with the Government of India on PLI 2.0. A large part of imported medicine and equipment will be manufactured locally, decreasing dependence on imports and giving healthcare security to India. India is moving from being a generic manufacturing giant to value addition. Innovation, technology and entrepreneurship will drive India towards this, he opined.

Ravi Uday Bhaskar, Director General, Pharmexcil said that the future for the Indian pharma and allied industries is bright but there are challenges too. Any export will depend on the importing policies of other countries. There is a need to streamline the industry, especially in terms of regulations. Different countries have different regulations. Industry-regulator understanding is important for growth. Common regulatory standards like those in the European Union need to be worked out globally so that it is helpful for the pharma industry, he said.

Analytica Anacon India, India Lab Expo, and Pharma Pro & Pack Expo 2022, the three concurrent trade shows have brought together decision makers, industry stakeholders, and policymakers, leading manufacturers and buyers of pharma machinery, analytical equipment, and laboratory technology.

The trade shows are jointly organised by Indian Pharma Machinery Manufacturers Association (IPMMA), Indian Analytical Instruments Association (IAIA) and Messe Muenchen.

Over 400 suppliers are showcasing more than 5,000 products in an exhibition space of nearly 18,000 square meters. The trade show was inaugurated by a tree plantation by Madan Mohan Reddy, Director, Aurobindo Pharma and others.

Article Source : IANS

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

Comments Policy

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

IPA Secretary General says Indian pharma industry likely to grow to USD 130 billion by 2030

Dr Viranchi Shah opined that PLIs and cluster manufacturing will reduce India's dependence on imports.;

Similar News

Illegal sale of abortion kits: Show cause notice issued to 149 medical shops in Telangana

Granules India CEO Dr Kandiraju Venkata Sitaram Rao to step down

Torrent Pharma seeks CCI clearance to acquire majority stake in JB Pharma in Rs 19500 crore deal

Lupin receives USFDA observations for two Pithampur manufacturing units

Lupin arm Dabhasa facility gets GMP certification from TGA Australia

Drug Inspector Suspended Over Irregularities in Inspections

"2800 Grade Pay Wale": Drug Inspector in Hooter Car Grabs SHO, Video Goes Viral

Biocon targets launch for generic Wegovy in India by 2027