DOMESTIC PHARMA MARKET TO TOUCH $130 BN BY 2030

  • India’s domestic pharmaceutical market, estimated at $41 billion in 2021, is likely to touch $130 billion by 2030, as per the Economic Survey 2022-23, tabled in Parliament on Tuesday.
  • Highlighting the role of the Indian pharmaceuticals industry globally, the Survey showed the country was ranked third worldwide in terms of production of pharma products by volume and 14th by value.
  • It was the largest provider of generic medicines globally, having a 20% share in global supply by volume, besides being a vaccine maker with a market share of 60% globally.
  • Pharma exports clocked a healthy 24% growth in FY21, on the back of COVID-19-induced demand for critical drugs and other supplies made to more than 150 countries.
  • In FY22, exports remained robust, despite global trade disruptions and a drop in demand for COVID-19-related treatments.
  • Carrying forward this growth momentum, drug and pharmaceutical exports during April-October 2022 were 22% higher compared with the corresponding pre-pandemic period in FY20.

Foreign investment

  • Cumulative FDI in the pharma sector crossed the $20 billion-mark by September 2022. Also, FDI inflows surged fourfold over five years until September 2022 to $699 million, supported by investor-friendly policies and a positive outlook for the industry.
  • On its part, the government had taken several steps to improve the infrastructural facilities for the pharma sector.
  • Sounding caution, the survey said, “On the downside, exports are slowing down and likely to moderate along with the probable global economic slowdown”.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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