Indian pharma market is expected to grow to US$ 130 billion by 2030: DV Sadananda Gowda

New Delhi: Union Minister for Chemicals and Fertilizers, Mr D V Sadananda Gowda and Minister of State for Chemicals and Fertilizers Shri Mansukh Mandaviya today addressed the curtain raiser Press Conference on the 6th Edition of ‘India Pharma & India Medical Device 2021’. The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, jointly with FICCI & Invest India is organizing the 6th edition of annual program on Pharmaceuticals & Medical Device sector – ‘India Pharma & India Medical Device 2021’ scheduled on 25-26 February & 1-2 March 2021.

Briefing the media, Mr Gowda said, “Healthcare continues to be an integral part of the Government’s priorities with emphasis on medicines at affordable rates, increasing the accessibility to diagnosis and treatment, boost local manufacturing of medical equipment and encouraging innovation to further reduce the cost of healthcare. The government through its various policies and schemes is encouraging the manufacturing of affordable medical devices and pharmaceutical under its ‘Make in India’ initiative. The India Pharma 2021 & India Medical Device 2021 will lay the groundwork for the next wave of development.”

He added saying that India is a leading exporter of affordable generics and a major hub for medical devices and diagnostics. India has been serving more than 200+ countries and territories with its Pharma products and will continue to discharge its responsibilities. We intend to continue formulating plans that are based on sound science, technology, business sense, and ethics. We continue to strive to increase the ease of doing business in India for which several measures have already been announced and continue to support domestic manufacturing through measures such as the Rs 400 cr impetus given for the creation of 4 world-class medical device parks, or the Rs 3000 Cr allocated for the creation of 3 major bulk drug parks. We are talking about two very high potential sectors of India in this event. The total market size of the Indian Pharma Industry is expected to reach the US $ 130 Billion by 2030. The medical devices industry in India has the potential to reach $ 50 bn by 2025.

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Shri Mansukh Mandaviya said that under the leadership of Shri Narendra Modi, the industry has been given a platform to work closely with the government and together chart out a path of progress. He highlighted that India has been applauded globally in its fight against Covid. During the pandemic, Indian Pharma industries supplied the necessary medicines to over 120 countries while fulfilling the country’s own needs. He said that India has launched the world’s largest Covid19 vaccination program and is at the center of the global effort to provide vaccines to other countries.

He expressed confidence that International Conference will provide a platform in converting Covid19 crisis into an opportunity. It will help unlock potential, achieve the required levels of penetration in the sectors, and catalyze innovation. It will encourage both the domestic companies and the global players to Make in India for the world, he added.

Ms S Aparna, Secretary, Department of Pharmaceuticals mentioned that inspite of various challenges during the pandemic year, pharma & medical device sector has shown positive growth. To further provide business linkages & remove bottlenecks in the growth of the sector, this edition of event will be organized virtually and participants from across the globe will participate, she added.

The theme for this year India Pharma is ‘Indian Pharma Industry: “Future is Now” and for India Medical Device is “India MedTech Future: Innovate & Make in India through Global Alliance”. The participants will deliberate upon the opportunities and key challenges in the areas of the sectors. Salient components of the event include a showcase of investment opportunities in India, panel discussions with industry leaders, International Drug Regulator Session, India Pharma & Medical Device Awards, and a discussion of sectoral startups. The Conference is being organized via virtual platform.