Pharma industry likely to grow to $130 billion by 2030: Industry leaders
The pharmaceutical sector in the country can grow to USD 130 billion by 2030, industry captains said on Friday.
He, along with other industry leaders, participated in a ‘CEOs Conclave’ as part of ‘BioAsia 2022’, the Telangana government’s flagship annual life sciences convention that concluded on Friday.
“I think USD 130 billion by 2030 is what the consensus estimate was. I think I agree with it, entirely possible. We can screw it up. But, I think it is within reach,” G V Prasad, Co-Chairman and MD of Dr Reddy’s Laboratories said.
Recalling the USD 130 billion estimate made earlier, Sun Pharma Managing Director Dilip Shanghvi said: “I think if all the players, I see their level of excitement and the sense about future, I think we should be on the way to achieve that kind of a number.”
They were asked about their expectation in terms of the size of the industry.
Asked how they saw 2022 panning out for the industry, Shanghvi expressed optimism about the growth potential.
“I share your optimism that hopefully, next year will be going back to the physical kind of world that we are familiar with. If we go back to that kind of a situation, I see a potential for the business to continue to go up,” he said.
Improvement in patient and doctor visits to the clinics should help the industry and the patients, he said.
“As India becomes an increasingly more important component for the global supply chain, that should benefit the industry going forward. Various measures taken by the government should also further strengthen our ability to compete. I am quite optimistic,” Shanghvi said.
Prasad shared the optimism expressed by the Sun Pharma MD.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
