(MENAFN- KNN India)
New Delhi, Aug 30 (KNN) In a report by Pharmarack Technologies, the Indian Pharmaceutical industry is set to reach new heights, with projections indicating a valuation of Rs 4.6 trillion (USD 55 billion) by 2030.
This forecast, highlighted in a recent Business Today article, represents a significant leap from the sector's 2023 valuation of Rs 2.42 trillion (USD 29 billion), marking a compound annual growth rate (CAGR) of 9.6 per cent.
The industry's robust growth trajectory is attributed to a combination of regulatory reforms and technological advancements. Key segments driving this expansion include patented drugs, branded generics, and trade generics.
Notably, patented drugs are expected to see substantial growth, reaching Rs 15,500 crore by 2030. Branded generics, currently dominating 87 per cent of the market, are projected to soar to Rs 3.71 trillion by the end of the decade.
Trade generics, holding a 10 per cent market share, are anticipated to nearly triple in value, from Rs 24,000 crore to Rs 68,000 crore. The report also highlights the expansion of the generic generics segment, aimed at serving underserved populations through initiatives like Jan Aushadhi stores.
Technological disruptions are playing a pivotal role in reshaping the pharmaceutical landscape. The integration of Internet of Things (IoT) sensors, Radio-Frequency Identification (RFID), and Software-as-a-Service (SaaS) platforms is enhancing supply chain efficiencies and quality control measures.
To combat the proliferation of counterfeit drugs, the industry is implementing advanced track-and-trace systems utilizing QR codes and barcodes.
Furthermore, the sector is embracing virtual and augmented reality tools for training quality control professionals, signalling a shift towards more innovative and efficient practices.
Dhruv Gulati, CEO of Pharmarack Technologies, emphasised the importance of these developments, stating, "As the pharmaceutical sector evolves, empowering pharmacists, optimising distribution networks, and leveraging technology are crucial for creating a transparent supply chain. Our goal is to ensure that affordable medicines are accessible throughout the country."
The report also notes the evolution of the distribution sector, with a rise in organised stockists contributing to improved drug delivery efficiency. This transformation, coupled with impending regulatory changes, is expected to further shape the industry's future.
As India's pharmaceutical sector stands on the cusp of this transformative growth, the integration of cutting-edge technologies and strategic market expansions promises not only economic benefits but also improved healthcare accessibility for millions across the nation.
(KNN Bureau)
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