Indian pharma sector can grow to $ 65 billion industry by 2024: Sadananda Gowda

Source: LiveMint.com, Oct 15, 2020

Chemicals and Fertilisers Minister D V Sadananda Gowda has said India is one of the largest manufacturers and exporters of generic medicines across the world. During initial phase, he said, HCQ and Azithromycin was identified as one of medicines under treatment protocol for Covid-19 in emergency cases. Referring to India supplying these medicines to more than 120 countries across the world; he underlined that India thereby earned the reputation of reliable supplier of medicines.

Addressing a video conference ‘FICCI LEADS 2020’, the minister highlighted that India is one of the largest manufacturers and exporter of generic medicines across the world.

India is the only country with the largest number of US Food and Drug Administration (USFDA) compliant pharma plants (more than 262 including APIs) outside of USA and exports USD 20 billion worth of pharma products to various countries, including high standards complying countries like the US and Europe, he added.

“We are confident that the Indian pharma sector can grow to USD 65 billion industry by 2024,” Gowda said.

“This is a very very good time to invest and set up manufacturing base in India in pharma sector. One can enter India market through joint ventures also. The advantage is that you can get access to big markets like domestic Indian market, US, Japan, EU and South East Asia through India as far as pharma sector is concerned,” he said.

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