Powered by innovative drugs, pharma industry can be worth $200 billion by 2030, says Biocon chief Kiran Mazumdar-Shaw
Research-based incentives to develop innovative drugs can help the domestic pharmaceutical sector to be worth USD 200 billion by 2030, Biocon Executive Chairperson Kiran Mazumdar-Shaw said on Wednesday. Terming the pharmaceutical sector as a great contributor in the country's economic growth, she noted that the industry has even greater potential to grow in the years to come.
«India's pharma industry size is estimated at about USD 65 billion today.
And by 2030, it is expected to increase to USD 165 billion. Now, I believe it has a potential to even be greater and touch USD 200 billion by 2030,» Mazumdar-Shaw told PTI.
But such a level of growth cannot just be driven by generics and biosimilars, it has to involve drug innovation, she noted.
«We have time to develop new drugs which could be blockbusters and I think what is required are research incentives to drive this kind of growth,» Mazumdar-Shaw stated.
The government has already come out with various research-linked incentive schemes, but they need to be in much greater strength to drive such growth, she stated.
Mazumdar-Shaw also sought that the government ought to decouple private sector investment and ensure that academic research institutes are funded out of the National Research Foundation.
«I also believe that India Inc. is in a digital transformation journey..I think it will be nice to see some incentives being announced for digital transformation investing something like weighted average tax deduction, that could spur greater investment in this area,» she added.
Elaborating further, Mazumdar-Shaw stated that the number of areas in terms of GST should be harmonised with an aim to give certain emerging areas a reprieve when it comes to the taxation.
