India to grow pharma sector to $200 billion by 2030
₹1,206 crore. Out of this an investment of ₹714 crore has been achieved. Fourteen projects producing 37 products have been commissioned, and domestic manufacturing of high-end medical devices has started.
These include linear accelerator, MRI scan, CT-scan, mammogram, C-Arm, MRI coils and high-end X-ray tubes. Chawla said that India’s contribution to global manufacturing also is set to double by 2030. “India has the potential to grow 3-4 times in value by achieving a shift from a 10% share of pharma and medtech in the manufacturing sector in 2020 to a 20% share in 2030," he added.
India has the largest number of FDA- approved plants in the US and exports to 200 countries with value accounting to more than $50 billion. Further, two-thirds of global vaccines for World Health Organization requirements are met by India. “Innovation is on the rise in India-medtech, assistive technology, and smart medicine are evolving but a streamlined innovation strategy is required," he said.
“India for India makes sense. And China for the world used to be the biggest title. Today, I want to say China and India for the world, not only China.
We need to balance. You don’t put all your eggs in one basket. India will need to make sure the infrastructure exists for these companies to grow.
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