India to emerge as one of the best investment destinations among emerging economies

The Pharma sector is likely to grow into a $65 billion industry by 2024 and to $120 billion by 2030 and the medical devices industry to reach $50 billion by 2025 says Union Minister for Chemicals and Fertilizers DV Sadananda Gowda speaking at CII Life Sciences Conclave 2020.  

The business friendly reforms carried out by the government have helped India to emerge as one of the best investment destinations among emerging economies, says Gowda.  

DV Sadananada Gowda said, “Indian pharma and medical device sector has immense potential to contribute towards making India a 5 trillion-dollar economy in the next 4-5 year. In this backdrop, Indian government is supporting development of three bulk drugs and four medical device parks with state of the art infrastructure and world class Centres of Excellence across the country. Government will also provide Production Linked Incentives (PLI) to eligible new manufacturing units to ensure a level playing field to domestic manufacturers.” 

It is expected that these schemes of Union Government for development of bulk drug and medical device park will attract cumulative investment of Rs. 78,000 crore and can generate about 2.5 lakh employment. 

Gowda said that there is a need for the pharma industry to focus on R&D activities in order to remain as one of the leading global suppliers of medicines. The full potential of growth cannot be fully tapped unless we come up with discovery of a new drug or repurposing in India.  

He expressed hope that Indian pharma sector will be among the first one to develop and supply low cost vaccines for COVID-19.

Reference: Indian Chemical News