This is the most opportune time to invest in theIndian pharma and medical device sector as the government is extending production linked incentives for new manufacturing units in the upcoming bulk drug and medical devices parks,Union Minister DV Sadananda Gowda has said.
The Indian pharma sector, currently valued at USD40 billion, has the potential to become a global pharmacy hub in the coming years, the Chemicals and Fertilisers Minister said in a statement.
The sector is likely to grow to USD 65 billion by 2024, and to USD 120 billion by 2030, he added.
The medical devices industry in India has the potential to grow at 28 per cent per annum to reach USD 50 billion by 2025,Gowda said.
The Indian pharma and medical device sector has immense potential to contribute towards making India a 5 trillion-dollar economy in the next 4-5 years, he added.
The government is supporting development of 3 bulk drug and 4 medical device parks with state-of-art infrastructure and world-class centres of excellence across the country, Gowda said.
"Government will also provide production linked incentives to eligible new manufacturing units to ensure a level playing field to domestic manufacturers," he added.
It is expected that the schemes of the government for development of bulk drug and medical device parks will attract cumulative investment of Rs 78,000 crore and can generate about 2.5 lakh employment,he added.
"There is a need for the pharma industry to focus on R & D activities in order to remain as one of the leading global suppliers of medicines," Gowda said.
The full potential of growth cannot be tapped unless the sector comes up with discovery of new drugs or repurposing in India,he added.
Gowda also expressed hope that the Indian pharma sector will be among the first ones to develop and supply low cost vaccines for COVID-19.
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