India's Pharma Industry Targets $130 Billion by 2030 to Lead Healthcare

India's pharmaceutical industry plans to increase its size to over USD 120-130 billion by 2030, leveraging innovation to establish itself as the global healthcare guardian, according to Samir Mehta, president of the Indian Pharmaceutical Alliance (IPA) and chairman of Torrent Group.

Over the past 25 years, the Indian pharmaceutical sector has expanded almost 20-fold, reaching a market size of USD 58 billion compared to USD 3 billion in 1999-2000, with contributions to both domestic sales and exports being equal today. The industry ranks among the top five contributors to India's trade surplus, which has expanded from just USD 1 billion in 1999-2000 to USD 19.5 billion.

"The journey of Indian pharma is a testament to how key policy reforms coupled with entrepreneurial spirit have nurtured the sector's growth," Mehta wrote in an article on the occasion of IPA completing 25 years. "The Indian pharmaceutical sector stands at a critical juncture as India heads toward 2047. From job creation to global trade and innovation to public health, the industry's contributions will be central to realising the goals of 'Viksit Bharat."

A robust and facilitative policy environment, significant investment in R&D, and dedication to accessible healthcare can empower the sector to realize its complete potential, he stated, noting that coordinated efforts among stakeholders - pharmaceutical industry, supplementary sectors, regulators, and educational institutions - will be crucial to reach this goal.

"Embracing the ancient Indian philosophy of 'Vasudhaiva Kutumbakam', meaning the world is one family, India is poised to be the healthcare custodian of the world," he said.

India's ability to manufacture high-quality, inexpensive generic medications and vaccines has established the country as a significant participant in the global arena, he stated. On the international front, India holds influence to champion important matters like trade, sustainability, innovation, technology, and healthcare.