Indian pharmaceutical industry set to reach $130 Billion by 2030

The Indian pharmaceutical industry is poised for substantial growth, with projections indicating a compound annual growth rate (CAGR) of over 10% and a size of $130 billion by 2030. Industry officials emphasise the crucial role of technology in achieving this target. Avinash Kumar Talwar, Vice President of Dr. Reddy’s Laboratories, highlights the expected CAGR of 10.7% by 2030, estimating the industry’s value to reach $65 billion by 2024. Factors contributing to the industry’s growth potential include a large domestic market, cost-effective manufacturing capabilities, and a skilled workforce. The Indian government’s policies and initiatives, such as “Pharma Vision 2020” and “Make in India,” further support India’s aim to become a global pharmaceutical hub. Automation, technological advancements, and compliance with stringent pollution norms are improving efficiency within pharmaceutical plants. The industry is also expected to leverage robotics, digitalisation, automated systems, data analytics, and cloud-based architecture in the future.

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