Indian pharma market will touch US$ 130 billion by 2030: Dr S V Veeramani
India’s pharmaceutical market is growing at a healthy rate and is expected to touch 130 billion USD by 2030, said Dr. SV Veeramani, chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil) while delivering the keynote address at the Pharmac South Expo 2023 in Chennai on July 14.
He said the industry’s goal can be easily achieved because India has around 2000 WHO-GMP approved drug manufacturing plants as well as a lot of US FDA and EU approved plants. These companies supply quality drugs sufficiently to our domestic market and help the country export quality drugs to around 200 countries of the world. Further, the country is blessed with a reservoir of well qualified pharmaceutical scientists and professionals to support the growth of the industry.
Analysing the Indian pharma market, he said South India is currently becoming the biggest market of pharmaceuticals, and in the same way it alone contributes 30% share of the total domestic market.
As regards the domestic market, Dr. Veeramani said it is growing steadily because of several factors such as the increasing life style of the people, rising chronic diseases, increasing healthcare awareness, benefits of health insurances and a tremendous spending on health by governments.
According to him, the pharma SMEs in Tamil Nadu are having very good manufacturing capabilities to supply largely to the national and multinational companies. He expressed the hope that the ongoing Pharmac South Expo will provide lot of opportunities for the prospective buyers to source their products. The Pharmexcil chairman congratulated the organisers for bringing the neutraceutical segment also to the expo from this year.
MN Sreedhar, drug controller of Tamil Nadu said the pharmaceutical industry in Tamil Nadu is complying with quality standards and a joint inspection conducted recently by the central and state regulators revealed that all the manufacturers were strictly following the regulatory compliance. He said regulatory compliance has emerged as a critical challenge for the pharma industry today. So skill development is required to ensure the compliance of standards. He reminded the industry leaders one fact that quality of medicines is mandatory not only by law, but also it is a social and ethical responsibility.
Dr. Montu M Patel, president of the Pharmacy Council of India (PCI), who was the chief guest at the function, said the council is planning to have a tie-up with TN IDMA for facilitating industry training classes for the students of pharmacy in the south Indian states. He said the pharma MSMEs are the backbone of India’s healthcare system. The number of big players is very few, the largest contributors of medicines are the small and medium companies.
The secretary general of the Indian Drug Manufacturers’ Association (IDMA) Daara B Patel, said the government policy is that the industry should voluntarily maintain the quality of the products they manufacture and supply. The government won’t run after the industry asking them to comply with quality standards. It is the duty of every pharma entrepreneur to follow the quality standards. He said across the country there are 3,500 registered manufacturing units in India. Patel wanted the pharmacy students who assembled in the conference hall to become stalwarts of the industry.
While welcoming the audience, the chairman of the TN IDMA, J Jayaseelan said the growth of the Pharmac South Expo is tremendous because it is supported by the four pillars of the sector, ie, the industry, regulatory body, pharmacy education and the export sector.
K Sivanandan, secretary of the IDMA proposed vote of thanks to the dignitaries. The expo will culminate at 4 pm on July 15. 170 pharma and neutraceutical companies from all over India are taking part in the trade fair.
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