: Innovation, selfdependence key to achieve pharma sector growth: Indian Pharmaceutical Alliance #FinanceIndia #StockMarketNEWS Innovation, self-dependence key to achieve pharma sector growth: Indian

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Innovation, selfdependence key to achieve pharma sector growth: Indian Pharmaceutical Alliance #FinanceIndia #StockMarketNEWS
Innovation, self-dependence key to achieve pharma sector growth: Indian Pharmaceutical Alliance Hyderabad, Sept 16 (KNN) Currently values at USD 49 billion, the Indian Pharma industry is expected to grow to USD 130 billion by 2030, said Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain on Thursday.

Speaking at the three-day trade shows on laboratory technology and Pharma, Jain said that with India becoming the fifth largest economy in the world, this is the time for Indian industry to make a difference in the world.

He stressed on innovation, self-dependence, diversifying the export market and building capacity for the Indian industry to be future-ready.

Presently, India is the third largest pharma industry in the world. India supplied medicines to over 200 countries in the world. If the set target is achieved it would become the leading provider of medicines to the world.

Viranchi Shah, National President, Indian Drug Manufacturers Association (IDMA) felt that Production Linked Incentive Schemes (PLIs) and cluster manufacturing are contributing to the pharma sectors growth. According to him, India is aspiring to be number one in the next 25 years.

"India in 2047 will be a USD 500 billion industry. PLI 1.0 and 2.0 are vital for India to achieve this goal," he said.

Ravi Uday Bhaskar, Director General, Pharmexcil said that the future for the Indian pharma and allied industries is bright but there are challenges too.

Indian Pharma Machinery Manufacturers Association (IPMMA) in collaboration with the Indian Analytical Instruments Association (IAIA) and Messe Muenchen has organised the trade show.

More than 400 suppliers are showcasing over 5,000 products in the exhibition. (KNN Bureau)