Pharma Industry has potential to grow to USD 200 billion in value terms by 2030: Pharma Secy
"At USD 50 billion in 2020, we were a little over 10 per cent of our manufacturing sector. By 2030 we need to be 20 per cent of the manufacturing sector in India," Chawla noted.;
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New Delhi: The domestic pharmaceutical industry has the potential to grow by 4-5 times to around USD 200 billion in value terms by scaling up manufacturing and enhancing exports, a senior government official said on Friday.
He noted that to reach a size of USD 200 billion by 2030 from around USD 50 billion currently, the industry needs to grow in double digits year-on-year while reducing dependence on imports and focussing on expanding exports.
"The age of smart medicine is dawning upon us. The new therapies that will come to the fore in the next 20 to 30 years would deliver smart therapies virtually for every difficult illness that we know of today. We have to be ready for that age. We have to prepare for that age," Department of Pharmaceuticals Secretary Arunish Chawla said at a CII event here.
He said the government is helping the industry with various policy initiatives, including production-linked incentives.
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