India's pharma industry to grow by $130 billion by 2030: DV Sadananda Gowda

Union Chemical and Fertiliser Minister D V Sadananda Gowda asserted that India's pharma market will grow to $130 billion by the year 2030. He was addressing the curtain-raiser press conference of the 6th edition of 'Indian Pharma & India Medical Device 2021’.

Bengaluru: Addressing the curtain-raiser press conference of the 6th edition of Indian Pharma & India Medical Device 2021, Union Chemical and Fertiliser Minister D V Sadananda Gowda said that India's pharmaceutical sector will grow to $130 billion by the year 2030.

Speaking on the occasion, Gowda said that with Prime Minister Narendra Modi taking over the leadership of India, structural reforms have been witnessed by countrymen. Ease of doing business has become possible and India's diplomatic ties and trade policies with other nations have strengthened.

"₹3650 crore foreign investments have been made in the pharmaceutical sector in the year 2019-20. Foreign capital is flowing. Compared to the previous year foreign investment was 98 per cent higher," he added.

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Under Atmanirbhar Bharat campaign, many ambitious plans have been adopted to develop the pharmaceutical industry indigenously. Three bulk drug industrial centres are being developed in India and the Centre will provide ₹1,000 crores each to these departments. The main aim is to produce the basic chemicals (APIs & KSMs) needed for drug manufacturing in these industrial centres. The Centre also plans to provide manufacturing-based incentives to make India's pharmaceutical industry competitive. The incentive scheme, which is in effect till 2025, has been earmarked at ₹6940 crores, Sadananda Gowda said.

"Four Medical Device Parks are being developed to promote the medical equipment industry under Make in India policy and the department will provide ₹100 crores each to these parks. The manufacturing-based incentive scheme has been implemented in this sector and ₹3420 crores is being provided. India's medical device industry is growing at a rate of 28 per cent and its turnover is expected to reach USD 50 billion by 2025," he stated.

The 'India Pharma and India Medical Device 2021' event is scheduled to take place on February 25, 26 and March 1, 2 in New Delhi. The event will be jointly organized by the Ministry of Pharmaceuticals, FICCI and Invest India.

Throwing light on the upcoming event, he informed that investors, entrepreneurs, innovators, technicians and scientists from all across the nation will participate to exchange ideas over technology industrial expansion, company establishment and investment contracts.

Minister of State for Chemicals and Fertilizers Mansukh Mandaviya, Invest India and FICCI officials also participated in the presser.

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