New Delhi [India], November 27 : India's pharmaceutical industry is poised for transformative growth, driven by innovations, increasing exports, and a strong focus on affordability and efficacy, stated industry leaders at CPHI and PMEC India, a three-day expo currently underway at India Expo Centre Delhi NCR.
Speaking at the event, Dr Veeramani, Chairman, Pharmexcil stated that the pharmaceutical industry stands as a global leader, exporting to over 200 countries and providing comprehensive solutions across APIs, finished dosages, clinical research, and pharmacovigilance.
He said, "With platforms like CPHI showcasing India's capabilities, the sector is poised for transformative growth from its current USD 55 billion to a projected USD 130 billion by 2030 and USD 450 billion by 2047. Innovations in biologics, speciality generics, and the impact of policies like the U.S. Biosecure Act underline the industry's potential to redefine healthcare solutions worldwide."
Underscoring the importance of the industry, Harish K. Jain, President, Federation of Pharma Entrepreneurs (FOPE) said that India's pharmaceutical industry plays a vital role in global exports, with USD 30 billion of that in exports.
"By 2030, we expect our exports to grow significantly, with 70 percent directed to Europe and the US. Our industry's impact is enormous--Indian pharmaceuticals contribute USD 8 billion annually to the US healthcare system, saving patients over USD 1.5 trillion. With growing capabilities in AI, machine learning, and biologics, India is poised to become the world's leading pharmaceutical hub, targeting a USD 1 trillion industry by 2047," he added.
AVPS Chakravarthy, Global Ambassador, World Packaging Organisation (WPO) noted that the pharmaceutical industry in India is demonstrating its innovative potential through advancements like Carticel therapy for cancer treatment and Nafithromycin, a groundbreaking macrolide antibiotic tackling drug-resistant pathogens.
"These innovations highlight India's dual strengths in affordability and efficacy, reaffirming its role as the 'pharmacy of the world.' Events like CPHI & PMEC India provide vital platforms for collaboration, showcasing progress in AI-driven drug inspection, sustainable packaging, and startup-driven innovations, propelling the industry towards a future of higher value creation and global leadership in both volume and value," he added underscoring the potential of the industry in the country's growth.