Stating that the Indian Pharma industry is expected to grow at a CAGR of 15% in the near future, Union Minister of Chemicals and Fertilizers D V Sadananda Gowda said that as per industry estimates, the medical devices market is expected to grow to $50 billion by 2025, he added.
Inaugurating the 4th edition of India’s biggest Global Conference on Pharmaceuticals and Medical Devices, in Bengaluru today, he said that while India continues to maintain leadership position in manufacturing and supply of high quality generic medicines, the Government’s focus is on improving access to affordable healthcare for all and contribute to the largest Government-funded healthcare programme in the world, Ayushman Bharat.
The event is being organized by Department of Pharmaceuticals (DoP), Ministry of Chemicals and Fertilizers, along with Federation of Indian Chambers of Commerce & Industry (FICCI). The theme of ‘India Pharma 2019’ is ‘Enabling Quality Affordable Healthcare & that of ‘India Medical Device 2019’ is ‘Accelerating Growth to Achieve Universal Healthcare’.
This conference is an endeavour of this Government to provide affordable, quality healthcare to citizens of the country and also to encourage ‘Make in India’ while promoting the growth and development of Indian Pharmaceutical and Medical Device Industry.
In his address, Gowda remembered the late Union Cabinet Minister Shri Ananthkumar for his vision to bring all stakeholders of pharma and medical devices industry on one platform through this conference and to help the Government to bring policy changes for removing roadblocks by addressing the pressing issues in this sector. The Government continues to strive to increase the ease of doing business in India through such initiatives.
The Minister said that India continues to maintain its leadership position in manufacturing and supply of high-quality generic medicines. With several proactive measures by the Government, exports have improved and the growth in Pharma sector is back on track.
Union Minister of State for Chemicals & Fertilizers, Mansukh L Mandaviya said that the Government is taking measures to help Indian pharmaceutical sector become a Rs. 3 lakh crore market, making it a global player.