India Pharma Outlook Team | Saturday, 15 July 2023
Dr. SV Veeramani, chairman of the Pharmaceuticals Export Promotion Council of India, said during the keynote address at the Pharmac South Expo 2023 in Chennai on July 14 that India's pharmaceutical market is growing at a healthy rate and is expected to reach 130 billion USD by 2030. He stated that the industry's goal is easily achievable because India has approximately 2000 WHO-GMP approved medicine manufacturing plants, as well as a large number of US FDA and EU approved factories. These enterprises provide sufficient quality medications to our domestic market and assist the country in exporting quality drugs to about 200 countries across the world.
Furthermore, the country has a pool of highly trained pharmaceutical scientists and specialists to help the business flourish. Analysing the Indian pharmaceutical sector, he stated that South India is now the largest pharmaceutical market, accounting for 30% of the overall domestic market. According to him, pharma SMEs in Tamil Nadu have extremely good production skills and mostly supply national and multinational corporations. He expressed hope that the current Pharmac South Expo will provide several opportunities for prospective buyers to source their products.
The Pharmexcil chairman congratulated the organisers for bringing the neutraceutical segment also to the expo from this year. MN According to Sreedhar, the drug controller of Tamil Nadu, the pharmaceutical business in Tamil Nadu is meeting quality requirements, and a recent joint inspection performed by the central and state regulators indicated that all firms were rigorously adhering to regulatory compliance. J Jayaseelan, chairman of the TN IDMA, welcomed the audience and stated that the growth of the Pharmac South Expo is remarkable because it is supported by the four pillars of the sector, namely the industry, regulatory bodies, pharmacy education, and the export sector. K Sivanandan, secretary of the IDMA proposed vote of thanks to the dignitaries. The expo will culminate at 4 pm on July 15. 170 pharma and neutraceutical companies from all over India are taking part in the trade fair.