Indian pharma market set to grow from current $44 billion to $130 billion by 2030
Indian pharma market set to grow from current $44 billion to $130 billion by 2030
With all multinational corporations trying to ring fence their supply chain in the aftermath of COVID-19 pandemic and opting for China plus one strategy, India should capitalise on this opportunity to become the alternative to China, a top pharmaceutical industry executive said.
“We [India] have the talent to capture the China plus one strategy of all MNCs. We need to be that plus one. India is not alone in the race. A lot of Asian countries are eyeing for it. India should be the real one in that plus one,” K.G. Ananthakrishnan, director general, Organisation of Pharmaceutical Producers of India (OPPI) said while urging the Indian pharmaceutical industry to scale up in quality and digitalisation.
He said the Indian pharmaceutical market is set to grow from its current levels of $44 billion to $130 billion by 2030 growing at a CAGR of 12.3%. By 2047, when India would celebrate the 100 th Independence Day, the Indian pharma industry should grow to the size of half-a-trillion dollar, or $600 billion, he added while addressing at PharmaLytica, a three-day exhibition organised by Informa Markets in Mumbai.
“This target can be achieved by having a global outlook, looking at Asian geographies along with existing completive advantage in various industries, favorable factors of production, conducive business environment, and incentivized government policies,” he said.
Emphasising the importance of quality Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance said, “India has to move up in innovation and R&D will play an important role going forward.”
He said the role played by Indian pharmaceutical companies during COVID has changed the perception of the entire world.
“The world could not believe that we suppled medicines and vaccines to 200 countries continuously during the 25 months of the COVID pandemic We increased digital capabilities during COVID-19 times and that was how we maintained the supplies, Mr. Jain said adding more emphasis should now be given to quality to garner a larger pie of the global pharma business.
He said digital transformation across the entire value chain was vital for enhanced patient care, greater transparency, cost-effectiveness, improved production and drug development.
“The next five years will witness lot of changes. Latest technologies such as artificial intelligence (AI), AR/VR, Block Chain would come into play,” he added.
About 300 brands are showcasing their products and solutions at the annual three-day exhibition which is supported by the Pharmaceuticals Export Promotion Council of India, Indian Drug Manufacturers’ Association (IDMA) and Cosmetics Ingredients & Packaging India (CiPi).
Rahul Deshpande, senior group director, India, Informa Markets said, “Today pharma is recognised as a well-entrenched sector for our country’s economy and is anticipated to grow threefold in the decade. While it is expected to be a $65 billion industry by 2024, with weighty contributions toward generics, the pharmaceutical industry is all set to further extend its R&D capabilities and offer cutting-edge products in a post-pandemic world.”
