India’s pharma sector should go from volume to value leadership
- We should simplify and strengthen our regulatory system for this industry to fulfil its potential
The Indian pharmaceutical industry is a formidable global force today, shaping global health outcomes. During the covid pandemic, the sector showed its manufacturing resilience by ensuring uninterrupted supply of quality-assured medicines to more than 150 countries across the world. Today, the industry ranks third worldwide in terms of production volume and 14th in overall value. Globally, the innovation space accounts for two-thirds of the value in this sector. By leveraging its inherent strengths in manufacturing, digital talent and favourable demographics (in terms of a youth preponderance), India has the potential to become a global life-sciences innovation hub and grow its market to $120-130 billion by 2030 and $400-450 billion by 2047.