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Indian pharma market expected to hit $130 billion by 2030: Sadananda Gowda

The Indian pharmaceutical industry has proved to be a dependable supplier of quality drugs in a time of global need on account of the COVID-19 pandemic, Gowda said

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D V Sadananda Gowda | Pharma industry

Press Trust of India  |  New Delhi 

D V Sadananda Gowda, union minister of chemicals and fertilizers | File photo
D V Sadananda Gowda, union minister of chemicals and fertilizers | File photo

The Indian pharmaceutical industry has proved to be a dependable supplier of quality drugs in a time of global need on account of the COVID-19 pandemic, and is expected to reach a size of USD 130 billion by 2030,Chemical and Fertiliser Minister said on Monday.

Following the onset of the pandemic, the Indian has shown its role as a reliable supplier of drugs and medical devices in a time of need,he added.

"The total market size of the Indian is expected to reach USD 130 billion by 2030. 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.

He wasaddressingthe curtain raiser press conference on the 6th edition of 'Indian Pharma & India Medical Device 2021'.

"India has been serving more than 200 countries with its pharma products and will continue to discharge its responsibilities. We intend tocontinue formulating plans that are based on sound science, technology, business sense, and ethics," Gowda said.

Pharmaceuticals are one of the top-10 attractive sectors for foreign investment in India. FDI inflows in the pharmaceuticals sector reached Rs 3,650 crore in 2019-20, recording a growth of 98 per cent year-on-year, he 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 medical devices, we also need to look at how to improve access to medical care," Gowda said.

At this year's edition, "we would like to deliberate upon strategies to help us innovate and bring newer and affordable therapies to the market and cement India's position as a truly world-class favoured investment destination," he added.

Emphasising the importanceof India for the inoculation against COVID-19 globally, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya said India has already made two COVID-19 vaccines and has supplied them to 12 countries.

India has also launched the world's largest COVID-19 vaccination programme, he added.

The international conference will also provide an opportunity for showcasing how the COVID-19 crisis can be transformed into an opportunity for India, Mandaviya said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 08 2021. 16:49 IST
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