The Indian pharmaceutical industry is predicted to reach $130 billion mark by 2030 stated a high industry govt on the CPHI & PMEC India expo.
“The Indian pharmaceutical industry is on a compelling growth trajectory, evidenced by an 8% year-to-date increase in exports and a remarkable 29% surge in October alone. This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the U.S. and Europe,” stated Dr. Veeramani S.V., Chairman, Pharmaceuticals Export Promotion Council of India (Pharmexcil).
“Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive. The domestic market has exhibited impressive growth, exceeding 10%. Driven by this momentum, I am confident in reaching the 130 billion mark by 2030, advocating for a consistent 10% growth in both domestic and export markets,” he stated.
Anil Matai, Director General, Pharmaceuticals Export Promotion Council of India (OPPI) stated, “While discussions now revolve around India’s pharmaceutical landscape in 2030, our industry is visionary, setting its sights on India in 2047.”
“We anticipate a trajectory of sustained growth. Exceeding the projected $130 billion mark, the Department of Pharmaceuticals (DOP) envisions an ambitious $200 billion goal. Achieving this necessitates regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, as we learned from the pandemic,” he stated.
“Regarding the pharmaceutical sector’s outlook, we foresee stable double-digit growth, around 13-14%, conditional on consistent policies that streamline doing business. CPHI serves as a crucial platform to deliberate on achievements, challenges, and influence regulators for favourable business conditions,” he added.
Participating on the CEO roundtable on the expo Dr. Mahesh Bhalgat, Chief Operating Officer, Syngene stated, “India gives immense development potential for the CRO and CDMO sector, which is estimated to develop at 11% from its present 15-16 billion vary. “
“This presents a significant opportunity for these companies to not only contribute revenue but also bring innovation to India as it transitions from volume to value. By leveraging the expertise of CROs and CDMOs like Syngene, India can introduce new products into the value chain of emerging technologies such as cell and gene therapy and biologics,” he stated.
“The CDMO industry, particularly those focused on biologics, holds the key to unlocking India’s pharmaceutical potential,” he added.
Deepak Sapra, CEO (API and Services), Dr. Reddy’s stated, “Our company specializes in pharmaceutical API manufacturing and formulation development, covering the entire industry value chain. We are a major player in the US generics market, in India, and have a significant presence in Europe and several emerging markets.”
“We are also embarking on a very exciting journey of innovation across multiple areas. The Dr. Reddy’s ESG and sustainability goals are very well defined. We aim to reach 1.5 billion patients globally by 2030 through our products and services,” he added.
