Pharma market to hit $130 billion by 2030: Gowda

Pharmaceuticals are one of the top-10 attractive sectors for foreign investment in India.

New Delhi: The Indian pharmaceutical industry has proved to be a dependable supplier of quality drugs in a time of global need on account of the Covid-19 pandemic, and is expected to reach a size of $130 billion by 2030, Chemical and Fertiliser Minister D V Sadananda Gowda said on Monday. Following the onset of the pandemic, the Indian pharma industry has shown its role as a reliable supplier of drugs and medical devices in a time of need, he added.

“The total market size of the Indian pharma industry is expected to reach $130 billion by 2030. The medical devices industry in India has the potential to grow at 28 per cent per annum to reach $50 billion by 2025,” Gowda said. He was addressing the curtain raiser press conference on the 6th edition of ‘Indian Pharma & India Medical Device 2021’.

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“India has been serving more than 200 countries 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,” Gowda said. Pharmaceuticals are one of the top-10 attractive sectors for foreign investment in India. FDI inflows in the pharmaceuticals sector reached Rs 3,650 crore in 2019-20, recording a growth of 98 per cent year-on-year, he added.

“While India will continue to strive to achieve and maintain a leadership position in the manufacturing and supply of high-quality generic medicines and medical devices, we also need to look at how to improve access to medical care,” Gowda said. At this year’s edition, “we would like to deliberate upon strategies to help us innovate and bring newer and affordable therapies to the market and cement India’s position as a truly world-class favoured investment destination,” he added.

Emphasising the importance of India for the inoculation against Covid-19 globally, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya said India has already made two Covid-19 vaccines and has supplied them to 12 countries. India has also launched the world’s largest Covid-19 vaccination programme, he added. The international conference will also provide an opportunity for showcasing how the Covid-19 crisis can be transformed into an opportunity for India, Mandaviya said.