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    Indian Pharma aspiring to grow to 120-130 billion Dollar Industry by 2030: IPA

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2019-06-20T13:29:57+05:30  |  Updated On 20 Jun 2019 7:59 AM GMT
    Indian Pharma aspiring to grow to 120-130 billion Dollar Industry by 2030: IPA

    NEW DELHI: The Indian pharmaceutical industry is aspiring to touch USD 120-130 billion by 2030 from the current USD 38 billion, industry body Indian Pharmaceutical Alliance (IPA) said on Wednesday.


    The report, titled 'Indian Pharmaceutical Industry: The Way Forward - Vision 2030', is based on a research collaboration with McKinsey & Co and inputs from the IPA members and industry leaders, IPA said in a statement.


    To achieve the goals of Vision 2030, the stakeholders need to work on accelerating the goal of universal healthcare across India and the world by providing access to high-quality affordable drugs, it added.


    Read Also: Domestic growth helped Indian pharma companies offset pricing pressure in US: Fitch


    The stakeholders also need to work on becoming the world's largest and most reliable high drugs supplier and achieve to grow to USD 120-130 billion by 2030, IPA said.


    "The Indian pharmaceutical industry is entering its next phase of growth. At this critical juncture, there is a need for stronger collaboration between pharma companies, the government and regulatory agencies," IPA Secretary General Sudarshan Jain said.


    Concerted efforts by the pharmaceutical companies and the government's intervention in the form of enabling policies and a supportive ecosystem can help the industry achieve Vision 2030, he added.


    The government can be a key enabler to achieve this, through strategic interventions such as increasing expenditure on healthcare from about 1 per cent to 2.5 per cent by 2025 and to 5 per cent of GDP by 2030, in line with the other developed economies in Europe and North America, IPA said.


    It should also encourage investments by ensuring a stable pricing policy and supportive regulatory environment, it added.


    Read Also: How to Dispose off Expired, Unused drugs- Indian Pharmaceutical Association asks Nadda


    The government can also intervene by focussing on API (active pharmaceutical ingredient) manufacturing to reduce the reliance on imports through plug-and-play infrastructural support in dedicated zones, IPA said.


    The government should also promote innovation by creating a research ecosystem that is supported through competitive tax breaks on R&D investments, technology transfers as well as targeted regulatory simplifications, it added.

    Active Pharmaceutical Ingredient affordable drugs API India indian pharma industry Indian Pharmaceutical Alliance IPA pharma pharma news Sudarshan Jain 
    Source : PTI

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    Medical Dialogues Bureau
    Medical Dialogues Bureau

      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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