City
Epaper

India’s pharmaceutical sector projected to reach $130 billion by 2030

By IANS | Updated: September 26, 2024 15:40 IST

New Delhi, Sep 26 India is on the cusp of a transformative era in its pharmaceutical sector which ...

Open in App

New Delhi, Sep 26 India is on the cusp of a transformative era in its pharmaceutical sector which is projected to reach $130 billion by 2030, a report showed on Thursday.

The world's third-largest drug producer by volume, India is currently exporting pharmaceutical products to over 200 countries, establishing its influence in the global pharmaceutical arena, according to a Deloitte's whitepaper launched at the Assocham’s annual pharma summit here.

The paper highlighted India's potential to transform from a leading generic drug producer to a powerhouse of pharmaceutical innovation, driven by advancements in research, regulatory reforms, and strategic global partnerships.

“With the market projected to reach $130 billion by 2030, growth depends on significant investments in R&D and addressing talent shortages in areas like AI and biotechnology,” said Joydeep Ghosh, Partner and Industry Leader for Life Sciences and Healthcare at Deloitte India.

Government initiatives such as the production-linked incentive scheme aim to enhance domestic manufacturing and reduce reliance on imports.

As per the paper, with a growing talent pool, rising investments in biotechnology, and an increasing number of clinical trials, India is becoming a credible destination for cutting-edge drug discovery and development.

Government initiatives, collaborations between academia and industry, and advancements in digital technologies further bolster India's potential to lead in pharmaceutical innovation.

However, the paper identified critical challenges that must be addressed to fully realise India's potential as a global pharmaceutical innovation hub.

“Key issues include the need for increased investment in R&D, stronger intellectual property protections, and the closing of the talent gap in high-demand areas such as artificial intelligence and data science,” the paper noted.

To foster a robust innovation ecosystem, it is crucial to develop a cohesive strategy that integrates research, technology investments, commercialization, skilling, and intellectual property, commented Neha Aggarwal, Partner, Deloitte India.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

International'War is not India's choice': NSA Doval speaks to Chinese Foreign Minister Wang Yi amid India-Pak tensions

National'War is not India's choice': NSA Doval speaks to Chinese Foreign Minister Wang Yi amid India-Pak tensions

International"War not India's choice," says Doval while speaking with Chinese FM as he condemns the Pahalgam terror attack, urges for calm

NationalMP govt to organise regional agri-conclave in Narsinghpur, Satna

FootballHat-trick boy Danny Meitei relishes executing India's plan

Health Realted Stories

HealthIndia and Maldives strengthen healthcare partnership

HealthHeart rhythm disorder traces to bacterium lurking in gums: Study

HealthStudy shows weight-loss drugs can cut alcohol intake by almost two-thirds

HealthThis cholesterol pill may fight high risk of heart attack, stroke: Study

HealthIndia continues to witness significant improvement in key maternal, child health indicators: Report