1.00 Indian rupee ₹ Indian Pharmaceutical Industry Vision 2030 Mumbai

Published date: March 18, 2020
Views: 4
  • Location: Mumbai, Mumbai, Maharashtra, India



The Indian pharmaceutical industry has got everyone’s hopes high with its recent announcement as far as its growth targets are concerned. Currently set at USD 38 billion, the homegrown pharma giant is all set to touch USD 120 – 130 billion mark by 2030.
In June 2019, the Indian Pharmaceutical Alliance (IPA) published “The Indian pharmaceutical industry – the way forward”, a report featuring research-based pharmaceutical companies in collaboration with McKinsey & Co. and other stakeholders.
Indian pharma industry growth plan Vision 2030 predicts that the industry would help establish India as a global leader in life sciences. Meanwhile, domestic growth factors including affordability and accessibility would remain unaffected.
The report suggests that at its current standing of 7–8% CAGR, the industry is expected to see a growth of about USD 80–90 billion as annual revenues within the next decade. However, the industry is confident of an 11–12% CAGR and growth of about USD 65 billion in the next 5 years and about USD 120-130 billion by 2030.

Indian pharma industry growth plan envisages:
• Accelerating growth in the domestic market with product accessibility and affordability
• Investment in next-gen innovations and product research
• Dominating the US market by increasing ANDA filing for new patent drugs and attractive pricing offers
• Product launches in underutilized markets such as Japan and China.

The IPA added that in order to achieve Vision 2030 goals, the stakeholders should work towards making high quality and affordable drugs available not only pan-India but also around the world.
The stakeholders also need to devise strategies for becoming the world’s leading and most reliable supplier of prescribed drugs to grow to USD 120-130 billion by 2030.
On the other hand, when it comes to policies and ecosystem, the Indian pharma industry requires immense support from the government and other regulatory bodies to achieve its targets. The following is expected from the government:
• Assure universal healthcare access by improving healthcare infrastructure and increase technological applications including online consultations, healthcare apps, etc.
• Enable a more stable and supportive regulatory ecosystem with easy, coherent, and transparent regulatory policies that smoothen favorable pricing and drug approval process.
• Develop a dedicated Ministry for pharma for easier and quicker processes of policy making, product approvals, investment decisions, and so on. An independent ministry also helps in better coordination and hassle-free decision-making.
• Restructuring the industry by focusing more on domestic production and exports, with reduced reliability on imports.
• Cement innovation by developing a favorable research environment through new educational institutions for research and innovation, tax interventions, technology transfers, etc.
• Expand global outreach with adequate international collaborations by way of exchanging best practices and improve market presence by launching into new markets in China and Japan and working closely with international regulatory bodies.

Indian pharmaceutical industry Vision 2030 depends a lot on government support whether in the form of investments or regulatory interventions. Meanwhile, the government is already working towards supporting the Indian pharma industry by increasing budgetary allocations for healthcare, the launch of Ayushman Bharat, and attracting investments for pharma parks, and so on.

This article is based on series of free videos lectures by DocMode which is beneficial for medical students, practicing doctors, nurses, medical teachers, medical representatives, students appearing for medical entrance exams, medical interns, pharmacy students etc. If you want to watch more videos, you can add our WhatsApp no +91-9222086563 in your group & we will be sending you videos which will help you learn more.

Tags: pharmaceutical free video lectures, Pharma course, Pharma doctor, pharmaceutical courses, Pharma course fees, online course pharmaceutical, free Pharma course online, medical course, online medical terminology course.
Contact Us:
Mobile No: +91 9222086563


Share


Useful information

  • Avoid scams by acting locally or paying with PayPal
  • Never pay with Western Union, Moneygram or other anonymous payment services
  • Don't buy or sell outside of your country. Don't accept cashier cheques from outside your country
  • This site is never involved in any transaction, and does not handle payments, shipping, guarantee transactions, provide escrow services, or offer "buyer protection" or "seller certification"

Related listings

  • Overcoming the challenges posed by diabetes in India
    Other Services - Mumbai (Maharashtra) - March 18, 2020 1.00 Indian rupee ₹

    Overcoming the challenges posed by diabetes in India Lifestyle changes have had a profound impact on the number of cases of diabetes in India and around the world. The prevalence and increase in the number of type 2 diabetes cases globally is a major...

  • Architectural 3D Visualization Company Providing The Best Apartment Rendering Services.
    Other Services - Nanded-Waghala (Maharashtra) - March 17, 2020 20000.00 Indian rupee ₹

       3D Power is a leading provider of 3D Architectural Rendering Services, Apartment 3D Walkthrough, Architectural Animation, Landscape Designing for an apartment project along with all type of commercial & residential project.    The field of arc...

  • Dogs revolutionize disease detection
    Other Services - Mumbai (Maharashtra) - March 17, 2020 1.00 Indian rupee ₹

    We all know that dogs are excellent sniffers. Dogs revolutionize disease diagnosis as this ability of theirs is used in many fields for different purposes, but how did dogs develop this great sense of smell? Dogs evolved from wolves over 10,000 years...

Comments

    Leave your comment (spam and offensive messages will be removed)