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Indian Pharma can be a 10 Trn market: PM Modi
PM Modi stated that providing affordable medical care has been the government's top priority, adding that 'Ayushman Bharat,' a government health insurance scheme, and 'Jan Aushadhi' centres, where medicines are sold at lower prices, have saved Indian citizens 80,000 crore and 20,000 crore, respectively.
- By Newsdesk
- New Delhi
- Mar 13, 2023
With proper coordination between the private sector and academia, Indian pharma could be a $10 trillion market, Prime Minister Narendra Modi said on 6th March, Monday. The industry's current market value is around $4 trillion.
PM Modi indicated during a post-budget webinar on 'Health and Medical Research' that there is growing confidence in India's Pharma capabilities and that the industry must capitalise on this.
"A new programme is being launched to boost research and innovation in the pharmaceutical sector through centres of excellence, which will strengthen the economy and create new job opportunities," the prime minister said. He requested that stakeholders identify critical areas for investment.
PM Modi mentioned that providing affordable medical care has been the government's top priority, adding that 'Ayushman Bharat,' a government health insurance scheme, and 'Jan Aushadhi' centres, where medicines are sold at lower prices, have saved Indian citizens 80,000 crore and 20,000 crore, respectively.
The prime minister stated that over 260 new medical colleges have opened in recent years, and he also emphasised the role of technology in making medical services more readily available and affordable. He elaborated on the government's emphasis on technology implementation. So far, teleconsultations have benefited 10 crore people through schemes such as e-Sanjivini.
"5G is creating new opportunities in this sector for startups. Drones are bringing about revolutionary changes in the delivery of medicine and testing services. This is a fantastic opportunity for entrepreneurs, and it will help our efforts to achieve universal healthcare," he said, urging entrepreneurs to avoid importing technology.