Pharmaceutical industry business to touch $130 bn by 2030
India supplies over 50 per cent of Africa’s requirement for generics, over 40 per cent of generic demand in the US, and over 25 per cent of all medicine in the UK.
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CHENNAI: The pharmaceutical industry in India is expected to reach $65 billion by 2024 and to $130 bn by 2030. Currently valued at $50 billion, India is a major exporter of pharmaceuticals to over 200 countries, experts sought to highlight at the kick-off of the 'Pharmac South,' 9th edition 2024 on Friday here.
India supplies over 50 per cent of Africa’s requirement for generics, over 40 per cent of generic demand in the US, and over 25 per cent of all medicine in the UK. India also accounts for over 60 per cent of global vaccine demand. 70 per cent of WHO’s vaccines (as per the essential immunisation schedule) are sourced from India.
The 9th Edition 2024 launch at the Chennai Trade Centre took place in the presence of industry leaders, marketing companies and regulatory officers. In the inaugural session J Jayaseelan, chairman; IDMA (Tamil Nadu, Puducherry & Kerala) delivered the welcome address. SV Veerramani, past national president, IDMA and chairman, Pharmexcil delivered his keynote address on “Overview of Pharma Industry & export opportunities”.
Chief Guest, Gagandeep Singh Bedi (Additional CS to Government, Health and Family Welfare Department, TN) inaugurated the widely anticipated Pharmac South 2024.
S Sivanandhan, hon secretary - IDMA, TN, Puducherry & Kerala State Board, the Pharmac south committee chairman along with the core committee - T Satish, VC, IDMA, Tamil Nadu, Puducherry & Kerala State Board, SSridharan and K Makesh are all part of the organising team.
J Jayaseelan, chairman; IDMA, said “Pharmac South provides a unique platform to understand Industry trends and markets, dialogue with key technical and regulator personnel and associated stakeholders and compare notes with major suppliers of products and services in the pharmaceuticals industry. India is ranked 3rd largest country in terms of production volume and 14th in terms of value with 10 pc of World's production but only 1.5 pc of Value. Participants include manufacturers and trade professionals from industries as diverse as pharma machinery, analytical instruments, lab equipment, herbal and cosmetics. It is one of the must attend events for the pharma & allied sectors.”
SV Veerramani, past national president, IDMA & chairman, Pharmexcil, added “The turnover of Indian pharma industry has grown exponentially from Rs.10 crore (about $ 2 million) in 1948 to about Rs 1,00,000 crore ($ 21 billion) today, a growth rate of over 15%. IDMA has been in the forefront actively supporting Ministry of Health & Family Welfare is compiling and bringing out the Indian Pharmacopoeia for many years and also continues its whole-hearted support to the Indian Pharmacopoeia Commission (IPC). IDMA exports of about Rs 50,000 crore (over $ 10 billion) last year growing at 22% average and this year we will focus on increasing the exports.”
In all, around 7000+ business delegates including government authorities are expected to participate in this business event over the two days, as per a release.