The Indian pharmaceutical Industry is expected to grow almost by three times to about 130 billion US dollars by 2030, Chairman of Dr Reddy’s Laboratories, K Satish Reddy said on Saturday. “If you see, currently it’s (pharmaceutical industry) about 42 billion dollars, half between the domestic sales, half between the exports. We expect that it will grow almost by three times in the coming decade, reaching almost 120 to 130 billion dollars by 2030. Truly, we believe that we are poised for a tremendous growth in the coming decade,” he predicted.
Reddy, Chairman of Boardof Governors of NIPER- Hyderabad, was virtually addressing the 9th Convocation of the institute.
The government’s encouragement (‘Atma Nirbhar Bharat’ policy), a lot of reforms in the policy to incentivize the industry and thrust being given to innovation, among others, augur well for the industry, he said.
The Indian pharmaceutical industry worked continuously during the testing times of Covid-19 pandemic second wave to ensure the availability of life saving medicines.