Published on February 17, 2016
India is the potential pharmacy hub of the world. To grow the Indian pharmaceuticals sector to a $200 billion industry by 2030, Department of Pharmaceuticals under the Ministry of Chemicals and Fertilizers is expected to come out with a new bulk drug policy in less than one month.
As per industry report the country’s pharmaceutical industry has the potential to touch $200 billion by 2030 from the present $32 billion. And the medical devices segment can grow from $5 billion now to $100 billion.
Presently the industry is growing at 8-9 per cent per annum. If country will maintain the same level in the coming years we can achieve attractive growth rate.
Some of India's top pharmaceutical entrepreneurs have recommended the industry to fix their compliance issues with regulators to create an image of India as the producer of best quality medicines and give stimulus to the government's Make in India initiative.
Dilip Shanghvi, Managing Director, Sun Pharmaceuticals said, industry must focus on innovation and adopt international practice. India is potential pharmacy hub for the world,” he said, adding, “If we make a few changes in the way we do and manage business in India, we can accelerate that process.”
As per the industry analyst to achieve the remarkable height in the Indian Pharma Industry, Market players needs to get into development of new molecules and have new drug discovery which is currently lacking. Industry can achieve expected results successfully.
