Indias pharma business can reach USD 130 billion by 2030, says Industry Experts
The pharmaceutical sector in India is expanding at a remarkable rate, as demonstrated by the 8 per cent year-to-date increase in exports and the noteworthy 29 per cent surge in October alone, according to Veeramani S. V., Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India).
With growing market opportunities and increased demand in international markets, industry experts predicted on Tuesday that India's pharmaceutical industry could surpass USD 130 billion by 2030. They stated that the company's valuation for the 2022–2023 fiscal year was more than USD 50 billion.
The pharmaceutical sector in India is expanding at a remarkable rate, as demonstrated by the 8 per cent year-to-date increase in exports and the noteworthy 29 per cent surge in October alone, according to Veeramani S. V., Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India).
"This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said.
According to Veeramani, the growth rate of the domestic market has been more than 10 per cent. "Driven by this momentum, I am confident in reaching the 130 billion mark by 2030," he said.
At the opening of the 16th edition of the CPHI and PMEC India Expo, a premier pharmaceutical business-to-business gathering held at the India Expo Mart and Centre in Greater Noida, the numbers were revealed.
With over 1,500 exhibitors displaying over 10,000 products and participation from over 80 countries, this edition of the event claims to be the largest to date, according to organisers Informa Markets. The event has drawn in excess of 50,000 visitors from around the world.
Director General Anil Matai of the Organisation of Pharmaceutical Producers of India (OPPI) sees continued expansion as the normal course. However, he noted that to achieve this necessitates regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, as we learned from the pandemic.
According to Eshwar Reddy, Executive Director of the Bulk Drug Manufacturing Association (BDMA), the industry's desire for innovation and self-sufficiency is highlighted by the 2023 CPHI Pharma Index, which has a score of 7.187. This places these events in a critical position as venues for showcasing advancements, promoting collaborations, and propelling growth.
According to Yogesh Mudras, Managing Director of Informa Markets in India, India's pharmaceutical industry, which accounts for a significant 20 per cent of global exports, generated a noteworthy USD 25.3 billion (Rs 2.1 lakh crores) in the fiscal year 2022-2023. "Robust R&D investments from both domestic and international players drive innovation, a pivotal force propelling market expansion," he said.
Dr Reddy's Laboratories Ltd., Biocon Ltd., Glenmark Lifesciences Ltd., Piramal Pharma Solutions, Hetero Labs Limited, ACG, IMA Industria Macchine Automatiche SPA, Fette Compacting Machinery India Pvt Ltd., Supriya Lifescience Ltd., and Ace Technologies & Packaging Systems Pvt Ltd. are a few of the noteworthy exhibitors at the industry event.
(With inputs from PTI)
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