Chemical and Fertiliser Minister D V Sadananda Gowda stated that 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 $130 billion by 2030. He added that following the onset of the pandemic, the Indian pharma industry has shown its role as a reliable supplier of drugs and medical devices in a time of need.
Gowda said ‘the total market size of the Indian pharma industry is expected to reach $130 billion by 2030. The medical devices industry in India has the potential to grow at 28 per cent per annum to reach $50 billion by 2025’. He also said ‘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’.
He noted that 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 said ‘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’.