India poised to be healthcare custodian of world, says Torrent's Samir Mehta
Indian pharmaceutical industry is aiming to more than double its size to USD 120-130 billion by 2030 as it looks to ride on the back of innovation to become the healthcare custodian of the world, Indian Pharmaceutical Alliance (IPA) president and Torrent Group chairman Samir Mehta said. In the last 25 years, the Indian pharma industry has grown nearly 20 times — a market size of USD 58 billion from USD 3 billion in 1999-2000, contributing equally to domestic sales and exports today. The sector is among the top five contributors to India's trade surplus, which has grown to USD 19.5 billion from merely USD 1 billion in 1999-2000.
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«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 supportive and enabling policy framework, strong investment in R&D, and a commitment to affordable healthcare access can empower the sector to unlock its full potential, he said, adding that concerted efforts among stakeholders — pharma industry, ancillary sectors, regulators and academic institutions — will be essential to achieve this aspiration.
