India's Pharma Boom: Doubling Market by 2030

India's pharmaceutical market is projected to grow from USD 60 billion to USD 120 billion by 2030. Industry leaders and policymakers highlight the nation's global role and innovation, stressing the need for tailored strategies in addressing local market challenges and opportunities.

The Indian healthcare sector is undergoing remarkable expansion, with projections indicating that its pharmaceutical market will double in value from the current USD 60 billion to a hefty USD 120 billion by 2030. This revelation comes from a report presented by the Organisation of Pharmaceutical Producers of India (OPPI) in collaboration with the Boston Consulting Group (BCG). Key stakeholders, including industry leaders and policymakers, convened to discuss India's increasing influence in the global healthcare arena.

Beyond its innovative prowess, India is emerging as an economic beacon amidst global challenges. Anil Matai, Director General of OPPI, expressed confidence in India's progress, stating, "India's robust pharma ecosystem and strategic government initiatives position the nation as a global pharma powerhouse." International pharmaceutical companies have significantly contributed to this evolution by introducing advanced technologies, patient-focused programs, and investing in local manufacturing and research capabilities.

Nearly 70 percent of global pharma firms are expected to witness annual growth surpassing 10 percent in India over the coming five years. Priyanka Aggarwal, Managing Director and Senior Partner at BCG, noted, "With the Indian Pharma Market set to double by 2030, there's a wealth of opportunity for global companies." However, the report stresses that companies must devise India-specific strategies due to challenges like uneven payer coverage for specialty drugs and diverse healthcare infrastructures. Anirudh Tara, Managing Director & Partner at BCG, emphasized that success in India's healthcare market demands a nuanced understanding of local market dynamics and the creation of strategic partnerships.

(With inputs from agencies.)