The Indian pharma industry is expected to grow to $130 billion by 2030 and become the leading provider of medicines to the world, said Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain on Thursday.
The Indian pharma industry is currently valued at $49 billion and is the third largest in the world. India supplied medicines to over 200 countries in the world, he said.
He was speaking on the sidelines of three-day trade shows on laboratory technology and Pharma - machinery segments, which kicked off here.
Sudarshan Jain said that with India becoming the fifth largest economy in the world, this is the time for Indian industry to make a difference in the world. He stressed on innovation, self-dependence, diversifying the export market and building capacity for the Indian industry to be future-ready.
Dr. Viranchi Shah, National President, Indian Drug Manufacturers Association (IDMA) felt that Production Linked Incentive Schemes (PLIs) and cluster manufacturing are contributing to the pharma sector's growth. According to him, India is aspiring to be number one in the next 25 years.
He opined that PLIs and cluster manufacturing will reduce India's dependence on imports.
"When India completes its 100 years of independence, India in 2047 will be a $500 billion industry. PLI 1.0 and 2.0 are vital for India to achieve this goal," he said.
The IDMA is working closely with the Government of India on PLI 2.0. Large part of imported medicine and equipment will be manufactured locally, decreasing dependence on imports and giving healthcare security to India. India is moving from being a generic manufacturing giant to value addition. Innovation, technology and entrepreneurship will drive India towards this, he opined.
Ravi Uday Bhaskar, Director General, Pharmexcil said that the future for the Indian pharma and allied industries is bright but there are challenges too. Any export will depend on the importing policies of other countries. There is a need to streamline the industry especially in terms of regulations. Different countries have different regulations. Industry-regulator understanding is important for growth. Common regulatory standards like those in the European Union need to be worked out globally so that it is helpful for the pharma industry, he said.
Analytica Anacon India, India Lab Expo, and Pharma Pro & Pack Expo 2022, the three concurrent trade shows have brought together decision makers, industry stakeholders, and policymakers, leading manufacturers and buyers of pharma machinery, analytical equipment, and laboratory technology.
The trade shows are jointly organised by Indian Pharma Machinery Manufacturers Association (IPMMA), Indian Analytical Instruments Association (IAIA) and Messe Muenchen.
Over 400 suppliers are showcasing more than 5,000 products in an exhibition space of nearly 18,000 square meters. The trade show was inaugurated by tree plantation by Madan Mohan Reddy, Director, Aurobindo Pharma and others.