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Samir Mehta: India Set to Lead Global Healthcare, Pharma Industry Eyes $130 Billion by 2030
“India is poised to be the healthcare custodian of the world, embracing the philosophy of ‘Vasudhaiva Kutumbakam’ – the world is one family,” Mehta stated.
- By Pooja Chaturvedi Sah
- New Delhi
- Jan 08, 2025
The Indian pharmaceutical industry is gearing up to more than double its market size to $120-130 billion by 2030, driven by innovation and a growing global presence. Indian Pharmaceutical Alliance (IPA) president and Torrent Group chairman Samir Mehta expressed this ambitious outlook, emphasizing India’s role as a global healthcare leader.
From $3 Billion to $58 Billion: Two Decades of Growth
Over the past 25 years, India’s pharmaceutical sector has expanded nearly 20-fold, reaching $58 billion in 2023 from just $3 billion in 1999-2000. The industry has seen equal contributions from domestic sales and exports, solidifying its position as one of the top five contributors to India’s trade surplus, which now stands at $19.5 billion.
“India is poised to be the healthcare custodian of the world, embracing the philosophy of ‘Vasudhaiva Kutumbakam’ – the world is one family,” Mehta stated.
A Global Manufacturing Powerhouse
India supplies 20% of the world’s generic drug demand and ranks 11th globally in terms of volume and value. Mehta credited this success to a combination of entrepreneurial spirit, policy reforms, and adherence to global quality standards.
“Our resilience and innovation have positioned India as a key player in global healthcare,” he said, highlighting India’s critical role during the COVID-19 pandemic in ensuring the global supply of life-saving medicines.
Challenges and Opportunities on the Road to 2047 Goals
As the industry targets $400-450 billion by 2047, Mehta underscored the importance of four key enablers:
1. Talent and Technology: Building a workforce skilled in life sciences and digital technologies to drive innovation.
2. Regulatory Excellence: Adopting globally benchmarked regulations to maintain leadership.
3. Tech Integration: Leveraging advanced technologies in drug discovery, manufacturing, and commercialisation.
4. Infrastructure and Self-Reliance: Strengthening supply chains and scaling initiatives like Bulk Drug Parks and Production Incentive Schemes to establish world-class R&D and manufacturing hubs.
Shifting Global Healthcare Dynamics
Mehta pointed out that evolving disease patterns, an aging population, and a focus on holistic health are reshaping the global healthcare landscape. “Indian pharma is well-positioned to capture these opportunities, but it requires robust funding mechanisms and a forward-thinking approach,” he said.
As India moves towards its 2047 aspirations, Mehta believes the pharmaceutical sector will play a central role in driving innovation, job creation, and public health improvements, cementing India’s position as a global healthcare leader.
With inputs from PTI