Medicine Industry in 2024: Medicine industry is going to reach record high, but will have to face this challenge.
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Medicine Industry in 2024: Since the Covid period, the pharmaceutical industry in India is moving in a new direction. The pharmaceutical industry performed very well in 2023. However, the domestic pharmaceutical industry is expected to witness sustained growth in 2024 amid various challenges including maintaining rising quality standards. The industry, recognized for meeting the needs of global markets with affordable generic products, is committed to pursuing collaborative efforts to meet growing healthcare needs, investing in research and development (R&D) and maintaining quality standards. Is hoping. Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said policy reforms and convergence of India’s entrepreneurial power will boost the growth of the sector. It will also ensure continuous supply of good quality and affordable medicines to patients in India and globally. The IPAs include top domestic pharmaceutical companies Sun Pharma, Dr Reddy’s Laboratories, Aurobindo Pharma, Cipla, Lupine and Glenmark.
Drug business increased by eight percent
Sudarshan Jain said that this year the government announced various policy initiatives like promotion of research and innovation in pharma medtech sector (PRIP), approach paper on national drug policy and also emphasis on ‘One Health’ during the G20 summit. Gave. Anil Matai, Director General, Organization of Pharmaceutical Producers of India (OPPI) said that the pharmaceutical sector is set for continued growth and innovation in 2024. He said that in the next year we look forward to a continued partnership between the government and the pharmaceutical industry. This will lead to progress, spur innovation and ultimately help develop a healthier and stronger society. Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals, said that the Indian pharmaceutical industry has made significant progress at the global level with an annual growth of eight percent in exports in the last five years. He said that as part of our strategy to move forward in the value chain, with an emphasis on innovation and developing complex generics, we will continue to work towards meeting the growing healthcare needs of patients across the world.
There will be a turnover of US$ 400 billion by 2047
Dr. Reddy’s Laboratories spokesperson said that the Indian pharmaceutical sector aims to grow to US$ 120-130 billion by 2030 and US$ 350-400 billion by 2047. Pawan Choudhary, Chairman, Medical Technology Association of India (MTAI), said that with the changing geopolitical situation and global trends, India has the potential to become the preferred destination for investment in Asia for Western countries and Japan, if the country Continues evidence-based policy making. He said that there is a need to immediately remove the two obstacles hindering this sector like high customs duty and ban on public procurement.
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