The Indian pharmaceutical sector has the potential to grow to the size of $300 billion by 2030 from the current $15 billion provided it accords high priority on quality and research & development, chief executives of top pharmaceutical companies said.
Speaking at a CEO round table organized by CPhI & P- MEC India in Mumbai, the top executives said Indian firms must begin research on precision medicines to capture the global market.
“We must capture the growing biotechnology segment to cash in on the increasing demand for bio-similars,” said D.G. Shah, Secretary General, Indian Pharmaceutical Association (IPA).
Dr Dinesh Dua, MD, Nectar Lifesciences said India must increase its self-reliance for Active Pharmaceutical Ingredients (API) sourcing and has to reduce dependency on China which is dumping API at very low prices making Indian API uncompetitive.
“We must address this concern immediately.
We urge the government to set up a separate ministry for the pharmaceutical sector to help us achieve the target of $300 billion by 2030.”
They said Indian firms must foster innovation and develop products for the benefit of patients adding that firms must address quality compliance challenges and inculcate quality culture in the organizations to develop high quality medicines for all markets.
For better research and development, the chief executives said the industry must increase collaborations with academia in the form of Indian research institutes and universities, said Mr. Shah of the association.
