Indian pharma market expected to be US$ 130 billion by 2030: Gowda

New Delhi: The Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers, Government of India jointly with FICCI and Invest India is organizing the 6th edition of annual program on Pharmaceuticals and Medical Device sector – ‘India Pharma & India Medical Device 2021’ scheduled on 25-26 February and 1-2 March 2021.

Speaking at the curtain raiser event, Mr D V Sadananda Gowda, Minister for Chemicals and Fertilizers, Government of India congratulated the Pharma, Medical Device and Healthcare industry partners for their outstanding work during the pandemic. He further added that owing to current pandemic we will be organising this edition virtually.

Mr Gowda said, “Healthcare continues to be an integral part of the Government’s priorities with emphasis on medicines at affordable rates, increasing the accessibility to diagnosis and treatment, boost local manufacturing of medical equipment and encouraging innovation to further reduce the cost of healthcare. The government through its various policies and schemes is encouraging the manufacturing of affordable medical devices and pharmaceutical under its ‘Make in India’ initiative. The India Pharma 2021 & India Medical Device 2021 will lay the groundwork for the next wave of development.”

He added that India is a leading exporter of affordable generics and a major hub for medical devices and diagnostics. India has been serving more than 200+ countries and territories with its Pharma products and will continue to discharge its responsibilities. “We intend to continue formulating plans that are based on sound science, technology, business sense, and ethics. We continue to strive to increase the ease of doing business in India for which several measures have already been announced and continue to support domestic manufacturing through measures such as the Rs 400 cr impetus given for the creation of 4 world-class medical device parks, or the Rs 3000 Cr allocated for the creation of 3 major bulk drug parks.”

“We are talking about two very high potential sectors of India in this event. The total market size of the Indian Pharma Industry is expected to reach the US $ 130 Billion by 2030. The medical devices industry in India has the potential to reach $ 50 bn by 2025,” Mr Gowda said.

Talking about the Production-Linked Incentive (PLI) Scheme in Pharmaceuticals drugs, the Minister mentioned, “The Department of Pharmaceuticals (DoP), for promotion of domestic manufacturing of critical key starting materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs) had come out with production linked incentive (PLI) aiming to address the over-dependency on API imports from China which has been brutally exposed by the COVID-19 pandemic. Under the scheme, which runs for 6 years starting with the base year of FY 2019-20, financial incentives will be provided based on the sales of pharma manufacturers for 41 products covering all of India’s required 53 APIs. The total incentive earmarked for the scheme is ₹6,940 crore. The introduction of the PLI Scheme for domestic manufacturing of medical devices with an outlay of Rs. 3,420 crore has also made major huge strides in the sector & is expected to continue to support further.”

The four-day INDIA PHARMA 2021 and INDIA MEDICAL DEVICE 2021 is an annual flagship event of the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers and the Federation of Indian Chambers of Commerce and Industry (FICCI). The theme for this year India Pharma is ‘Indian Pharma Industry: “Future is Now” and for India Medical Device is “India MedTech Future: Innovate & Make in India through Global Alliance”. The Conference is being organized via virtual platform.