Indian pharma sector targets $300 billion revenue by 2030
The Indian pharmaceutical sector has the
potential to grow to the size of $300 billion by 2030 from the current $15
billion provided it accords high priority on quality and research &
development, chief executives of top pharmaceutical companies said.
Speaking at a CEO round table organized by
CPhI & P- MEC India in Mumbai, the top executives said Indian firms must
begin research on precision medicines to capture the global market.
“We
must capture the growing biotechnology segment to cash in on the increasing
demand for bio-similars,” said D.G. Shah, Secretary General, Indian Pharmaceutical
Association (IPA).
Dr Dinesh Dua, MD, Nectar Lifesciences
said India must increase its self-reliance for Active Pharmaceutical
Ingredients (API) sourcing and has to reduce dependency on China which is
dumping API at very low prices making Indian API uncompetitive.
“We
must address this concern immediately. We urge the government to set up a
separate ministry for the pharmaceutical sector to help us achieve the target
of $300 billion by 2030.”
They said Indian firms must foster innovation
and develop products for the benefit of patients adding that firms must address
quality compliance challenges and inculcate quality culture in the
organizations to develop high quality medicines for all markets.
For better research and development, the
chief executives said the industry must increase collaborations with academia
in the form of Indian research institutes and universities, said Mr. Shah of
the association.
Comments
Post a Comment