Lately, the global pharmaceutical markets are witnessing major discontinuities that have lead to a decline in the growth of developed markets. Meanwhile, the emerging market is becoming an important driver of growth for the coming decades. Looking at current statistics, the Indian pharmaceuticals ranks 10th globally in terms of value and third in terms of volume. The domestic industry is aspiring to touch USD 120-130 billion by 2030 from the current USD 38 billion.
However, the completion of the goals will require a combined effort by the industry, government, and professionals involved in the workflow. The stakeholders are expected to work on speeding the goal of universal healthcare across India and the world, which can be achieved by enabling access to high-quality affordable drugs. Meanwhile, the government should invest more innovation by building a research ecosystem. This ecosystem can be made real through competitive tax breaks on R&D investments and targeted regulatory simplification.
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