From $50 Billion to $200 Billion: The Future Blueprint of Indian Pharma

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Picture: Pixabay

Last Updated on November 21, 2023 by The Health Master

Indian Pharma

The Indian Pharma industry is on the cusp of a transformative journey, with a senior government official projecting a potential four to fivefold growth, reaching around USD 200 billion in value terms by 2030.

This ambitious goal hinges on scaling up manufacturing, reducing import dependency, and bolstering exports.

The Vision for 2030:

1. Setting the Stage: The Current Landscape

World import export medicines
Picture: Pixabay

To comprehend the magnitude of this growth, it’s essential to understand the industry’s present standing, hovering at approximately USD 50 billion.

The journey from this point to the envisioned USD 200 billion by 2030 necessitates sustained double-digit year-on-year growth.

2. Embracing the Age of Smart Medicine

According to Arunish Chawla, Secretary of the Department of Pharmaceuticals, we are entering the era of smart medicine.

Anticipating therapeutic breakthroughs in the next 20 to 30 years, he emphasizes the industry’s imperative to be prepared for this groundbreaking age.

Government Initiatives:

3. Policy Support: Production-Linked Incentives

Chawla highlights the government’s role in supporting this growth trajectory through various policy initiatives, including production-linked incentives.

These measures are designed to propel the industry forward and contribute significantly to India’s manufacturing sector.

4. Targeting 20%: A Manufacturing Sector Milestone

The goal isn’t merely financial; it’s structural. Chawla stresses the industry’s target of comprising 20% of India’s manufacturing sector by 2030, a significant leap from the current 10% in 2020.

Strategic Approaches:

5. Sectoral Focus: Reducing Import Dependence

To attain this audacious goal, the industry must strategically choose sectors where import dependence persists.

A meticulous redesign of the policy framework is imperative to transform these sectors into export powerhouses within the next decade.

6. Collaborative Growth: Government-Industry-Academia Synergy

Chawla underscores the collaborative efforts between the government, industry, and academia.

This triumvirate is crucial to overcoming challenges and fostering an environment conducive to growth.

Innovation Imperative:

7. From Publications to Patents: Fostering a Shift in Focus

Chawla advocates for a fundamental shift from traditional academic pursuits to a more innovation-oriented approach.

The industry’s focus should pivot from publications to patents, ensuring that groundbreaking research translates into tangible advancements.

8. Sponsored Degrees: A Catalyst for Innovation

Highlighting the need for innovation, Chawla proposes a mechanism for research-oriented sponsored degrees from industry.

This not only facilitates academic-industry collaboration but also serves as a catalyst for innovation within the sector.

Harnessing National Resources: The Road to Global Leadership

9. Leveraging Technical Resources

Chawla emphasizes the need to leverage India’s abundant technical resources.

This, combined with a demographic dividend and skilled manpower, can propel the nation to the forefront of the global pharmaceutical landscape.

10. Government Policies and Economies of Scale

A forward-looking government, coupled with economies of scale, plays a pivotal role in positioning India as a world leader in pharmaceuticals.

Chawla envisions a comprehensive strategy that integrates policy support and economic advantages.

FAQs

Q1: How does the government plan to support the pharmaceutical industry’s growth?

The government is implementing various initiatives, including production-linked incentives and collaborative efforts with industry and academia.

Q2: What is the target for the pharmaceutical industry in India by 2030?

The industry aims to constitute 20% of the manufacturing sector, a substantial increase from the current 10%.

Q3: How can the industry reduce import dependence and enhance exports?

Strategic sectoral focus and a policy framework redesign are key to transforming import-dependent sectors into robust export contributors.

Q4: Why is there a shift from publications to patents in the pharmaceutical sector?

A shift is necessary to prioritize innovation over academic pursuits, ensuring that research translates into tangible advancements.

Q5: What role does collaboration between academia, laboratories, and industry play in the industry’s growth?

Collaboration is essential to break silos and foster an environment conducive to innovation and growth.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

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