New Delhi, Sep 30 (SocialNews.XYZ) India’s pharma exports, currently valued at nearly $27.8 billion, are expected to cross $30 billion by the year-end, said Union Minister of State (Independent Charge) for Science and Technology Jitendra Singh on Tuesday.
Singh stated that India's domestic pharma market is $60 billion, but is expected to double, that is, $130 billion by 2030.
He added that the Medtech sector will also witness growth.
“Currently, there are around 800 medical device manufacturers in the country, and India's annual growth of the Medtech sector is 15 to 20 per cent,” said Singh.
He was speaking at the signing of an official Memorandum of Understanding (MoU) between the Department of Biotechnology (DBT) and the Government of Uttar Pradesh.
The agreement, executed through DBT’s Biotechnology Industry Research Assistance Council (BIRAC) and the Uttar Pradesh Promote Pharma Council (UPPPC), is part of a centre–state partnership model to accelerate innovation, entrepreneurship, and investment in the pharma, biotech, and MedTech sectors.
Such partnerships will help advance the vision of Viksit Bharat 2047 and reinforce India’s position as a provider of affordable healthcare solutions “made in India, made for the world”, the Minister said.
With India’s bioeconomy already valued at around $165 billion, the government sees such centre–state partnerships as a way to accelerate India’s emergence as a global hub for accessible biopharma and MedTech solutions.
“The rapid growth of India’s biotech ecosystem -- from about 50 startups in 2014 to more than 11,000 today -- reflects the sector’s potential to drive the country’s economic and healthcare goals,” Singh said.
He noted that India is now recognised as a global supplier of vaccines, with more than 60 per cent of the world’s vaccines manufactured here and over 200 countries receiving Indian-made doses.
Source: IANS
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