Indian Med-Tech and Pharma on Track to Hit US$ 200 Billion Mark by 2030 - News

India’s pharmaceutical and med-tech industry is on a remarkable journey—from a US$ 20 billion valuation in 2020 to a projected US$ 200 billion by 2030. Arunish Chawla (IAS), Secretary, Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilisers attributed this growth to private investments, research, and development (R&D), and supportive government policies. 
This not only signifies economic progress but also positions India as a significant global exporter of cutting-edge med-tech products. 
The sector currently holds over 20 percent of the global medicine supply chain. Chawla highlighted the consistent double-digit growth of the industry and emphasized the importance of initiatives like production-linked incentives and enhanced R&D. 
He discussed the Scheme for Promotion of Research and Innovation in the Pharmaceutical and Medical Technology Sector (PRIP), aimed at encouraging collaborative research, market launches, and commercialization. Despite India’s lower R&D spending compared to countries like the US and China, the PRIP scheme seeks to bolster engagement between established companies, start-ups, and MSMEs in prioritized research areas.