THE Indian pharmaceutical industry is set to grow three times to touch approximately $130 billion (£94.6bn) by 2030, Chairman of Dr Reddy's Laboratories, K Satish Reddy said on Saturday (24).
"If you see, currently it's (pharmaceutical industry) about $42bn (£30.6bn), half between the domestic sales, half between the exports. We expect that it will grow almost by three times in the coming decade, reaching almost $120 to $130bn (£87.3bn-£94.6bn) by 2030. Truly, we believe that we are poised for a tremendous growth in the coming decade," he predicted.
The government's encouragement, policy reforms to incentivise the industry and thrust on innovation, among others, augur well for the industry, he said.
During the Covid-19 pandemic, Indian pharmaceutical industry worked tirelessly to ensure the availability of life saving medicines.
He lauded the efforts of Union Chemicals and Fertilizers minister Mansukh Mandaviya and the officials for providing a lot of interventions which helped the industry ramp up capacities. He noted that capabilities in innovation and R&D need to be strengthened further so that the pharmaceutical sector can contribute more to the country.
Reddy also acknowledged the role of digital technologies in changing the whole spectrum of healthcare system - the way patients are treated, the way medicines are supplied to patients and automation in manufacturing.
