Indian pharma market expected to grow to USD 130 billion by 2030: Gowda

Union Minister for Chemicals and Fertilizers, D V Sadananda Gowda said that the Indian pharma market is expected to grow to USD 130 billion by 2030.

Union Minister for Chemicals and Fertilizers, D V Sadananda Gowda said that the Indian pharma market is expected to grow to USD 130 billion by 2030. While addressing the 6th Edition of 'India Pharma and India Medical Device 2021', Gowda said healthcare continues to be an integral part of the Government's priorities with an emphasis on medicines at affordable rates, increasing the accessibility to diagnosis and treatment, boost local manufacturing of medical equipment and encouraging innovation to further reduce the cost of healthcare.

"The government through its various policies and schemes is encouraging the manufacturing of affordable medical devices and pharmaceuticals under its 'Make in India' initiative. The India Pharma 2021 and India Medical Device 2021 will lay the groundwork for the next wave of development," he said. He added saying that India is a leading exporter of affordable generics and a major hub for medical devices and diagnostics.

"India has been serving more than 200+ countries and territories with its Pharma products and will continue to discharge its responsibilities. We intend to continue formulating plans that are based on sound science, technology, business sense, and ethics. We continue to strive to increase the ease of doing business in India for which several measures have already been announced and continue to support domestic manufacturing through measures such as the Rs 400 crore impetus given for the creation of 4 world-class medical device parks, or the Rs 3000 Crore allocated for the creation of 3 major bulk drug parks," the Union Minister said. Gowda said that the total market size of the Indian Pharma Industry is expected to reach US 130 billion dollars by 2030.

The medical devices industry in India has the potential to reach 50 billion dollars by 2025, he said. The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, jointly with FICCI and Invest India is organizing the 6th edition of the annual program on the Pharmaceuticals and Medical Device sector - 'India Pharma & India Medical Device 2021' scheduled on February 25-26 and March 1-2, 2021.

The theme for this year India Pharma is 'Indian Pharma Industry: "Future is Now" and for India Medical Device is "India MedTech Future: Innovate & Make in India through Global Alliance". (ANI)

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