With the significant investments in research and development and building up capabilities with technology, the Indian pharma industry can become Atmanirbhar in the next two to three years, informed DV Sadananda Gowda, Minister of Chemicals and Fertilisers at the inaugural session of virtual CII Life Sciences Conclave 2020.
He said that India has the highest number of US FDA facilities and stressed that out its total pharma exports, the country export 65 per cent to regulated markets. It has emerged as one of the leading destinations for investment amongst developing countries.
He said that with its potential, the Indian pharma sector is going to be a $65 billion industry by 2025 and touch $1.25 billion by 2030.
The minister also applauded industry captains for their contributions during the challenging times of COVID-19 and informed that during the same period the country supplied paracetamol and HCQ to nearly 120 countries across the globe.
He further added that with the government-announced PLI schemes and other reforms in the sector it is the most opportune time to invest in India. He also highlighted that the sector has the potential to become Atma Nirbhar not only for the domestic market but also fulfil the demands of the international markets with low cost and high-quality products.
Summing up, he mentioned that coronavirus crisis has given a new dimension to the pharma sector in India and it will be amongst one of the countries to supply low cost, high-quality COVID-19 vaccine to the world.