Indian Pharma Industry Poised To Reach USD 200 Bn By 2030: Official
Date
11/18/2023 4:08:07 AM
(MENAFN- KNN India) New Delhi, Nov 18 (KNN)
The domestic Pharmaceutical industry has the potential to grow by 4-5 times to around USD 200 billion in value terms, senior government official said on Friday.
This is possible by scaling up manufacturing and enhancing exports, the official said.
He noted that to reach a size of USD 200 billion by 2030 fr0m 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.
Department of Pharmaceuticals Secretary Arunish Chawla at CII event said,“ 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.”
He said the government is helping the industry with various policy initiatives, including production-linked incentives.
"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 said.
To reach the goal, the industry needs to grow in double-digit year-on-year, he added.
"We need to select and target a few sectors where we are still import dependent. We need to redesign policy framework and do it in such a way that, in ten years, we will become exporters in all these segments," Chawla said.
A shift is required fr0m publications to patents and a mechanism for research-oriented sponsored degrees fr0m industry is the need of the hour to foster innovation, he added.
Chawla added that the country must utilise its technical resources, demographic dividend, skilled manpower, forward-looking government policies and economies of scale to become a world leader in pharmaceuticals.
(KNN Bureau)
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