India's Pharma Boom: Doubling Market Size by 2030

India's pharmaceutical market is expected to double from USD 60 billion to USD 120 billion by 2030. Industry leaders, including the Organisation of Pharmaceutical Producers of India and Boston Consulting Group, highlight the role of innovation and tailored strategies in navigating the burgeoning global healthcare space.

India's healthcare sector is seeing substantial growth, with projections indicating the pharmaceutical market could double its current USD 60 billion valuation to USD 120 billion by 2030. This forecast was shared in a report published by the Organisation of Pharmaceutical Producers of India (OPPI) and the Boston Consulting Group (BCG).

India's standing as a hub for global innovation and economic stability shines amid worldwide uncertainties. According to Anil Matai, Director General of OPPI, India's robust pharmaceutical ecosystem enriched by government initiatives is critical to its emergence as a pharma powerhouse. Contributions from global pharmaceutical giants, including advancements in technology, patient-focused programs, and investments in local manufacturing and R&D, have been pivotal.

The report predicts that over the next five years, 70 percent of global pharmaceutical companies could see annual growth above 10 percent in India. Priyanka Aggarwal of BCG notes that the Indian market's expected growth offers vast opportunities for these companies, but stresses the importance of an India-specific strategy to thrive amid challenges including non-uniform drug payer coverage and complex pricing schemas.

Strategic adaptations in portfolio management and operations are imperative, with the report advising on eight principles tailored to the Indian context to unlock market potential. Anirudh Tara from BCG highlights the necessity of strategic partnerships and localized approaches to succeed in this burgeoning market. (ANI)

(With inputs from agencies.)