New Delhi
India’s pharmaceutical industry is on the verge of a significant transformation, with projections indicating it could reach $130 billion by 2030, according to a recent report. Currently the world’s third-largest drug producer by volume, India exports pharmaceutical products to over 200 countries, showcasing its growing influence on the global stage, as highlighted in a Deloitte whitepaper released at Assocham’s annual pharma summit.
The report emphasizes India’s potential to evolve from a leading generic drug manufacturer into a hub for pharmaceutical innovation, fueled by advancements in research, regulatory reforms, and strategic global partnerships. Joydeep Ghosh, Partner and Industry Leader for Life Sciences and Healthcare at Deloitte India, noted that achieving this growth will require substantial investments in R&D and addressing talent shortages, particularly in areas like AI and biotechnology.
Government initiatives, such as the production-linked incentive (PLI) scheme, are designed to boost domestic manufacturing and reduce dependency on imports. The paper suggests that collaboration between academia, industry, and government could not only meet India’s healthcare needs but also position the country as a global leader in pharmaceutical innovation.
