“Pharma industry to grow to $130 billion by 2030”

There is strong push from government to create ecosystem for innovation in discovery of drugs and medical technology: S.V. Veeramani, vice-chairman, Pharmexcil

The Indian pharmaceutical industry is expected to grow at a compound annual rate (CAGR) of 12% and reach $130 billion by 2030, industry executives said at an industry event.

“There is a strong push from the government towards creating an ecosystem for innovation so that India can become a leader in discovery of drugs and medical technology,” said S.V. Veeramani, vice-chairman, Pharmexcil.

“Currently, the Indian pharmaceutical market is valued at around $50 billion, out of which almost $25 billion constitutes the export market. The domestic market will touch $130 billion by 2030 out of which over 60% will only be exports,’ he added.

Industry executives said the government should set up a separate Ministry for the pharma sector to encourage domestic producers and help bring down Chinese imports.

They also mulled the idea of having a single industry organisation to put across the grievances of the pharma industry before the government, to help expand it to its true potential.

They were speaking at the 15th edition of CPHI & PMEC India.

Vivek Singhal, director general of The Organisation of Pharmaceutical Producers of India said: “The industry needs to collaborate and co-work and unite for a collective voice on IPR related issues.”