By 2030, the Pharmaceutical world is expected to reach a size of USD 130 billion : Sadananda Gowda

The Indian Pharma market has reached up to the expectation of being a reliable supply of quality drugs during the time of global crisis and is likely to reach a size of USD 130 billion within 2030, as the Chemical and Fertilizer Minister, D V Sadananda Gowda expects. From the very first day of the pandemic, the Indian pharmaceutical industry has shown itself to be a reliable supplier of medicine and clinical devices during critical times, he commented.

Gowda further stated, “The total market size of the Indian pharma industry is expected to reach USD 130 billion by 2030. The medical devices industry in India has the potential to grow at 28 percent per annum to reach USD 50 billion by 2025”.

He was giving a speech at the curtain-raiser press conference on the 6th edition of “Indian Pharma & India Medical Device 2021”.

Gowda also added,”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”.

The pharmaceutical industry has been among the top – 10 attractive fields for foreign investment in India. Gowda said that the FDI inflow in this sector has reached a level of Rs 3,650 crore in the year 2019 – 20, with a growth record of 98 per cent year-on-year.

Gowda stated, “While India will continue to strive to achieve and maintain a leadership position in the manufacturing and supply of high – quality generic medicines and medicinal devices, we also need to look at how to improve access to medical care”.

The Minister of State for Chemicals and Fertilisers , Mansukh Mandaviya, while stressing upon the importance of India for the inoculation against Covid – 19 told that India has already been successful in manufacturing 2 Covid – 19 vaccines and providing them to 12 countries.

He further stated that India has also launched the world’s biggest Covid- 19 vaccination drive.

Mandaviya concluded that the international conference will be an apt platform to showcase how the Covid – 19 crisis can be converted into a scope for India.