Indian Pharma: The Global Healthcare Custodian by 2030

The Indian pharmaceutical industry aims to grow its market size to USD 120-130 billion by 2030, relying on innovation to become a global healthcare leader. With strong contributions to India's trade surplus, supportive policies, and investment in R&D, the sector looks to enhance affordable healthcare access worldwide.

India's pharmaceutical industry is poised to more than double its market size to USD 120-130 billion by 2030, driven by innovation, according to Indian Pharmaceutical Alliance president Samir Mehta. He emphasized the sector's ambition to become the world's healthcare custodian, citing the industry's significant contributions to domestic sales and exports.

Over the past 25 years, the industry has expanded from USD 3 billion to 58 billion, becoming a key contributor to India's trade surplus. Mehta attributes this growth to strategic policy reforms and entrepreneurial spirit. As India approaches 2047, the pharmaceutical sector is set to play a crucial role in job creation, global trade, innovation, and public health.

To achieve these objectives, Mehta calls for a supportive policy framework, enhanced R&D investment, and commitment to affordable healthcare. He underscores the sector's ability to address global issues like sustainability and healthcare, as demonstrated during the COVID-19 pandemic. The industry aims for further growth, reaching USD 400-450 billion by 2047 through robust funding and talent development in life sciences and digital technologies.

(With inputs from agencies.)