- Home
- Medical news & Guidelines
- Anesthesiology
- Cardiology and CTVS
- Critical Care
- Dentistry
- Dermatology
- Diabetes and Endocrinology
- ENT
- Gastroenterology
- Medicine
- Nephrology
- Neurology
- Obstretics-Gynaecology
- Oncology
- Ophthalmology
- Orthopaedics
- Pediatrics-Neonatology
- Psychiatry
- Pulmonology
- Radiology
- Surgery
- Urology
- Laboratory Medicine
- Diet
- Nursing
- Paramedical
- Physiotherapy
- Health news
- Fact Check
- Bone Health Fact Check
- Brain Health Fact Check
- Cancer Related Fact Check
- Child Care Fact Check
- Dental and oral health fact check
- Diabetes and metabolic health fact check
- Diet and Nutrition Fact Check
- Eye and ENT Care Fact Check
- Fitness fact check
- Gut health fact check
- Heart health fact check
- Kidney health fact check
- Medical education fact check
- Men's health fact check
- Respiratory fact check
- Skin and hair care fact check
- Vaccine and Immunization fact check
- Women's health fact check
- AYUSH
- State News
- Andaman and Nicobar Islands
- Andhra Pradesh
- Arunachal Pradesh
- Assam
- Bihar
- Chandigarh
- Chattisgarh
- Dadra and Nagar Haveli
- Daman and Diu
- Delhi
- Goa
- Gujarat
- Haryana
- Himachal Pradesh
- Jammu & Kashmir
- Jharkhand
- Karnataka
- Kerala
- Ladakh
- Lakshadweep
- Madhya Pradesh
- Maharashtra
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Odisha
- Puducherry
- Punjab
- Rajasthan
- Sikkim
- Tamil Nadu
- Telangana
- Tripura
- Uttar Pradesh
- Uttrakhand
- West Bengal
- Medical Education
- Industry
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.
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.
Read also: Indian Pharma market sees 12.1 percent growth in August: AIOCD-AWACS Report
Indian pharma industrypharmaIndian Pharmaceutical AlliancemedicinesProduction Linked Incentive SchemesPLI scheme
Source : IANSRuchika 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
Next Story