Pharma sector will cross $130-bn mark by 2030
Hyd is India’s pharma hub with 214 FDA approved facilities, said V-P of Dr Reddy’s Lab
Hyderabad: Hyderabad is the biggest market for pharmaceuticals. The city is known as the pharma hub of India. There are 214 USFDA approved facilities in the city and as the growth of the pharma market is coming from complex molecules, it will force companies to invest and build future state-of-the art labs, said Dr Reddy’s Laboratories official.
Speaking at the ninth edition of B2B pharma expo, PharmaLytica 2023, Avinash Kumar Talwar, Vice President, Dr Reddy’s Laboratories said that the Indian pharmaceutical industry is valued at around $50 billion and is expected to grow at a CAGR of 10.7 per cent till 2030. The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by 2030.
He further said, “We should be proud that in total there are 214 US FDA approved facilities in Hyderabad which is impressive and that is another reason why Hyderabad is known as the Pharma hub of India. As the growth of Pharma market is coming from complex molecules, it will force them to invest and build future state-of-the art labs.”
He said that the demand for sophisticated equipments and instruments to aid in the process of drug discovery, development, analysis and modelling of the compounds will continue to grow at the same pace. There are many small laboratories in Hyderabad and other South Indian cities like Chennai and Bengaluru, he added.
Highlighting the presence of pharma industry in Telangana, Jayesh Ranjan, Principal Secretary, Industries and Commerce, Government of Telangana said that pharmaceutical, biotechnology, and medical devices industry in Telangana has experienced remarkable growth, surpassing initial expectations.
“Initially projected to reach $100 billion in 10 years, the industry has already reached a substantial size of $80 billion, prompting a revision of the target to $250 billion. This buoyancy reflects the industry’s potential and highlights the need for the sector to showcase advanced and sophisticated technologies, moving beyond bulk manufacturing,” he said.
