Best time to invest in the area of pharmaceuticals: India – Union Minister

Best time to invest in the area of pharmaceuticals: India – Union Minister

New Delhi, Oct 1 (PTI) This is the best time to invest in the Indian drug and medical device market, as the government extends production-related incentives to new production facilities in the coming bulk drug and medical device parks.

In a statement, the Chemical and Fertilizer Minister told the Indian pharmaceutical industry, now estimated at $40 billion, that it will have the ability to become a global pharmaceutical hub in future years.

He added that by 2024 the sector will increase to USD 65 billion and by 2030 USD 120 billion.

Best time to invest in the area of pharmaceuticals: India - Union Minister

The Indian medical equipment industry is potentially rising to 50 billion USD by 2025 by 28% per year, said Gowda.

In the coming four to five years, he also said, the Indian pharmaceuticals and medical devices sector has huge potential to help make India an economy of 5 trillion dollars.

The government supports the creation of 3 bulk drugs and 4 medical device parks, fitted with state-of-the-art facilities and world-class centres, said Gowda.

“Effective output incentives will also be offered by the Government to eligible new fabricators in order to provide domestic producers with a level playing field,” he added.

The government plans to grow the bulk drug and medical equipment parks are expected to draw cumulative Rs 78,000 crore investments and to create approximately 2,5 lakhs, he added.

“The pharmaceutical industry needs to concentrate on research and development to remain one of the world’s leading medication suppliers,” said Gowda.

Unless the sector seeks new drugs or repurposes in India, the full potential of growth can not be exploited. He said.

Gowda also expressed hope that amongst the first vaccines produced and provided for COVID-19 would be the Indian pharma market.

Best time to invest in the area of pharmaceuticals: India – Union Minister

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