“Indian pharma industry likely to reach $100B and medical devices sector reach $50B by 2025”

India Pharma and India Medical Device 2020

DV Sadananda Gowda, Minister of Chemicals and Fertilizers, Government of India said that the Indian pharmaceuticals and medical devices sector has the potential to become the world leader and government will provide all necessary support. Indian pharma industry likely to reach $100 billion and medical devices sector reach $50 billion by 2025.

Speaking at the three day ‘India Pharma and India Medical Device 2020’, organized by Federation of Indian Chambers of Commerce and Industry (FICCI), on March 5 in Ahmedabad jointly with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, Gowda said, “India today is a major hub for medical devices and diagnostics. There has to be certain interventions by the government as far as polices are concerned.”

Gowda said that affordability of the medicines is one of the prime concerns of the society. “In developing countries where a large section of population is poor and out of pocket expenses are very high, affordability of the medicines is one of the prime concerns of the society,” he added.

Gowda emphasized that government is making all efforts to boost the Indian pharma and medical devices sector. He said, “In countries where R&D are taken care of, where academia and industry collaborate in order to build a strong R&D eco-system. In India, we need to follow this. Government has initiated various steps for strengthening the Indian pharma and medical devices sector, he added.

Speaking on the COVID-19, Gowda said that it is challenging times and we should all stand together at this time. Government has and is taking all necessary steps in this direction. “There is no shortage of medicines. We have sufficient medicines and sufficient Active Pharmaceutical Ingredients (APIs) so that for another three months to ensure there is no shortage in producing medicines,” he said.