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PM Modi Aims for ₹10 Lakh Crore Pharma Growth via Academia
Prime Minister Narendra Modi has outlined a transformative vision to expand India’s pharmaceutical industry to ₹10 lakh crore (approximately $150 billion) through strengthened collaboration between academia and industry. This strategy is designed to accelerate research, innovation, and self-reliance, ensuring India’s continued leadership in global healthcare.
India: The Pharmacy of the World
In his address at the Global Innovation Summit of the Pharmaceutical sector, PM Modi emphasized India’s crucial role in global healthcare, stating, “The global trust earned by the Indian healthcare sector has led to India being called the Pharmacy of the World.” India has been a key supplier of essential medicines, including vaccines and generic drugs, to countries worldwide, reinforcing its position as a trusted pharmaceutical hub.
Strengthening Industry-Academia Ties
Highlighting the importance of research-driven growth, the Prime Minister remarked, “The industry and academia can form a symbiotic relationship to promote research and innovation in the pharmaceutical sector.” By fostering deeper collaboration, academic institutions can contribute to the development of cutting-edge drugs and technologies, while the industry can provide the necessary infrastructure and funding to bring innovations to market.
Government Support and Future Growth
The Indian government has been actively promoting the pharmaceutical sector through policies that encourage domestic manufacturing and reduce dependence on imports. Initiatives such as ‘Atmanirbhar Bharat’ and investments in research parks and biotechnology hubs aim to create an ecosystem that facilitates industry-led advancements.
India’s pharmaceutical market is expected to witness significant expansion, with projections estimating a valuation of $130 billion by 2030 and further growth beyond $450 billion by 2047. This trajectory is fueled by increasing demand for healthcare products, a growing aging population, and advancements in medical research.
Overcoming Challenges
While the potential is immense, the industry faces challenges such as regulatory compliance, quality control, and the need for continuous technological advancements. Addressing these requires stronger regulatory frameworks, investment in skill development, and an emphasis on fostering innovation.
PM Modi’s call for industry-academia collaboration presents a roadmap for India’s pharmaceutical sector to achieve global leadership. By aligning research with industry needs, India is poised to not only strengthen its domestic pharmaceutical industry but also reinforce its role as a global provider of affordable and innovative healthcare solutions.
