Indian Pharmaceutical Industry Vision 2030

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Indian Pharmaceutical Industry Vision 2030
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• The Indian pharmaceutical industry has got
  everyones hopes high with its recent
  announcement as far as its growth targets are
  concerned. Currently set at USD 38 billion, the
  homegrown pharma giant is all set to touch USD
  120 130 billion mark by 2030.
• In June 2019, the Indian Pharmaceutical Alliance
  (IPA) published The Indian pharmaceutical
  industry the way forward, a report featuring
  research-based pharmaceutical companies in
  collaboration with McKinsey Co. and other
  stakeholders.
• Indian pharma industry growth plan Vision 2030
  predicts that the industry would help establish
  India as a global leader in life sciences.
  Meanwhile, domestic growth factors including
  affordability and accessibility would remain
  unaffected.
• The report suggests that at its current standing
  of 78 CAGR, the industry is expected to see a
  growth of about USD 8090 billion as annual
  revenues within the next decade. However, the
  industry is confident of an 1112 CAGR and
  growth of about USD 65 billion in the next 5
  years and about USD 120-130 billion by 2030.
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• Indian pharma industry growth plan envisages
• Accelerating growth in the domestic market with
  product accessibility and affordability
• Investment in next-gen innovations and product
  research
• Dominating the US market by increasing ANDA
  filing for new patent drugs and attractive
  pricing offers
• Product launches in underutilized markets such as
  Japan and China.
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• The IPA added that in order to achieve Vision
  2030 goals, the stakeholders should work towards
  making high quality and affordable drugs
  available not only pan-India but also around the
  world.
• The stakeholders also need to devise strategies
  for becoming the worlds leading and most
  reliable supplier of prescribed drugs to grow to
  USD 120-130 billion by 2030.
• On the other hand, when it comes to policies and
  ecosystem, the Indian pharma industry requires
  immense support from the government and other
  regulatory bodies to achieve its targets. The
  following is expected from the government
• Assure universal healthcare access by improving
  healthcare infrastructure and increase
  technological applications including online
  consultations, healthcare apps, etc.

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• Enable a more stable and supportive regulatory
  ecosystem with easy, coherent, and transparent
  regulatory policies that smoothen favorable
  pricing and drug approval process.
• Develop a dedicated Ministry for pharma for
  easier and quicker processes of policy making,
  product approvals, investment decisions, and so
  on. An independent ministry also helps in better
  coordination and hassle-free decision-making.
• Restructuring the industry by focusing more on
  domestic production and exports, with reduced
  reliability on imports.
• Cement innovation by developing a favorable
  research environment through new educational
  institutions for research and innovation, tax
  interventions, technology transfers, etc.
• Expand global outreach with adequate
  international collaborations by way of exchanging
  best practices and improve market presence by
  launching into new markets in China and Japan and
  working closely with international regulatory
  bodies.
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• Indian pharmaceutical industry Vision 2030
  depends a lot on government support whether in
  the form of investments or regulatory
  interventions. Meanwhile, the government is
  already working towards supporting the Indian
  pharma industry by increasing budgetary
  allocations for healthcare, the launch of
  Ayushman Bharat, and attracting investments for
  pharma parks, and so on.
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