By Sudhir Kumar
Union Minister of State for Commerce and Industry, Jitin Prasada has expressed confidence that India’s Pharmaceutical sector will become 130 billion dollar industry by 2030, which is currently at around 55 billion dollars. Mr Prasada stated this while inaugurating the 10th International Pharmaceutical Exhibition at India Expo Mart in Greater Noida.
He said that India is popularly known as the Pharmacy of the world with 3rd largest industry in terms of volume and it is home to more than 3000 pharma companies, a strong network of over 10,500 manufacturer facilities and has 20 percent share of generic medicines demand.
The Minister also emphasized that the government is committed of making the country’s pharmaceutical industry a global leader and manufacturer by 2047. He highlighted the introduction of Production Linked Incentive (PLI) scheme for the pharma sector to boost domestic manufacturing and reduce dependence on imports.