New Delhi, Sep 26 (IANS) India is going through a transformational phase in its pharmaceutical sector, which is projected to reach $130 billion by 2030, according to a report released on Thursday.
According to a Deloitte whitepaper released at ASSOCHAM’s annual pharma summit, India, the world’s third largest drug producer by volume, is currently exporting pharmaceutical products to over 200 countries, establishing its influence in the global pharmaceutical sector.
This research paper highlights the potential for India to transform from a leading generic drug producer to a powerhouse of pharmaceutical innovation.
“The market is projected to reach $130 billion by 2030,” said Jaideep Ghose, partner and industry leader, life sciences and healthcare, Deloitte India.
Government initiatives such as the production-linked incentive scheme aim to boost domestic manufacturing and reduce dependence on imports.
“By fostering collaboration between academia, industry and government, India can not only meet its own health care needs but also position itself as a leader in global pharmaceutical innovation, drive economic growth and improve health outcomes,” Ghosh said.
According to the paper, with growing talent, increasing investments in biotechnology and increasing number of trials, India is becoming a trusted place for cutting-edge drug discovery and development.
This initiative, collaboration between academia and industry and advances in digital technologies further strengthen India’s potential to be a leader in pharmaceutical innovation.
However, this paper identifies key challenges that must be addressed to fully realise India’s potential as a global pharmaceutical innovation hub.
“Key issues include the need for increased investment in R&D, stronger intellectual property protection, and addressing talent shortages in high-demand areas such as AI and data science,” the paper said.
Neha Agarwal, Partner, Deloitte India, said that to foster a strong innovation ecosystem, it is important to develop a strategy that integrates research, technology investments, commercialisation, skills and intellectual property.
–IANS
AKS/CBT
