India's pharma biz can reach USD 130 billion by 2030: Industry experts
pharmaceutical business may exceed USD 130 billion by 2030, supported by expanding market opportunities and heightened demand in the overseas markets, industry experts said on Tuesday.
The business stood at over USD 50 billion for the 2022-23 fiscal, they noted.
Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India) Veeramani S V said the Indian pharmaceutical industry is on a compelling growth trajectory, evidenced by an 8 per cent year-to-date increase in exports and a remarkable 29 per cent surge in October alone.
«This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive,» he said.
Veeramani noted that the domestic market has exhibited impressive growth, exceeding 10 per cent.
