New Delhi, Sep 26
India is on the cusp of a transformative era in its pharmaceutical sector which is projected to reach $130 billion by 2030, a report showed on Thursday.
The world's third-largest drug producer by volume, India is currently exporting pharmaceutical products to over 200 countries, establishing its influence in the global pharmaceutical arena, according to a Deloitte's whitepaper launched at the Assocham’s annual pharma summit here.
The paper highlighted India's potential to transform from a leading generic drug producer to a powerhouse of pharmaceutical innovation, driven by advancements in research, regulatory reforms, and strategic global partnerships.
“With the market projected to reach $130 billion by 2030, growth depends on significant investments in R&D and addressing talent shortages in areas like AI and biotechnology,” said Joydeep Ghosh, Partner and Industry Leader for Life Sciences and Healthcare at Deloitte India.
Government initiatives such as the production-linked incentive scheme aim to enhance domestic manufacturing and reduce reliance on imports.