Economy News

Indian Pharmaceutical Industry: The Next Big Revolution

The Indian Pharmaceutical industry has been a game changer amidst the global pandemic, turning crisis into opportunity and growing by leaps and bounds.

While India ranks 3rd worldwide for pharmaceutical production by volume and 14th by value, the pharma industry has served more than 200 countries, saving the lives of millions in a time of global need.

Currently being the backbone of the Indian economy, the Indian pharma industry also known as the “the pharmacy of the world” is expected to reach a total market size of USD $ 130 billion by 2030.

The current industry trends suggest that post-crisis, the Indian pharma industry will have enhanced storage and supply chain infrastructure.

It has witnessed upsurging usage of digital media to market the drugs as well as reach out to the prescribers and patients.

Chemical and Fertilizer Minister DV Sadananda Gowda addressed the curtain raiser press conference on Monday. It was the 6th edition of ‘Indian Pharma & India Medical Device 2021’.

He was quoted saying, “The medical devices industry in India has the potential to grow at 28 percent per annum to reach USD $ 50 billion by 2025. We intend to continue formulating plans that are based on sound science technology, business sense and ethics.”

He further 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 medicinal devices, we also need to look at how to improve access to medical care.”

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