The Prime Minister of India, Mr. Narendra Modi has said that the Indian pharma industry can be a US$ 120 billion (Rs. 10 trillion) market with proper coordination between the private sector and the academia. He was addressing a post-budget webinar on ‘Health and Medical Research’.
The current market size of the industry is about US$ 49 billion (Rs. 4 trillion).
Mr. Narendra Modi stated that the pharmaceutical business needs to take advantage of the rising confidence in India's capabilities. He further informed that in order to boost research and innovation in the pharma sector, a new programme is being launched through centres of excellence. This will strengthen the economy as well as create new opportunities for employment. He also asked the stakeholders to identify the important areas for investment.
The Prime Minister also mentioned that India has begun developing skilled labour for advanced manufacturing, research, and medical technology, and urged participants to think of ways that businesses, academia, and the government could work together.
Further, he mentioned that more than 260 new medical colleges have been opened in the last few years and highlighted the role of technology in constantly making medical services accessible and affordable.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.