The pharma industry expects continued growth in the new year

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- Indian pharma industry made significant progress globally with 8% growth in exports in last 5 years

The domestic pharmaceutical industry is expected to witness sustained growth in 2024 amid various challenges including maintaining rising quality standards. Recognized to meet the needs of global markets with affordable generic products, the industry hopes to pursue collaborative efforts, invest in research and development (R&D) and maintain quality standards to meet growing healthcare needs.

The Indian Pharmaceutical Alliance (IPA) said policy reforms and the consolidation of India's entrepreneurial power will accelerate the growth of the sector. It will ensure continuous supply of quality and affordable medicines to patients in India and globally. Top domestic pharmaceutical companies in the Indian Pharmaceutical Alliance include Sun Pharma, Dr. These include Reddy's Laboratories, Aurobindo Pharma, Cipla, Lupine and Glenmark.

This year the government announced various policy initiatives such as promoting research and innovation in the pharma-medtech sector, an approach paper on national drug policy and also emphasized on 'One Health' during the G20 Summit. The Organization of Pharmaceutical Producers of India said the pharmaceutical sector is poised for continued growth and innovation in 2024. We look forward to continued partnership between the government and the pharmaceutical industry in the coming year. which will drive progress, spur innovation and ultimately help develop a healthier and stronger society.

The Indian pharmaceutical industry has made significant strides globally with exports growing by eight per cent annually over the last five years. As part of its strategy to move up the value chain, it will continue to work to meet the growing healthcare needs of patients across the globe, with an emphasis on innovation and developing complex generics.

The Indian pharmaceutical sector aims to reach $120-130 billion by 2030 and $350-400 billion by 2047. Sources in the Medical Technology Association of India said that with the changing geopolitical situation and global trends, India has the potential to become a destination of choice for Western countries and Japan to invest in Asia. High customs duty and restrictions on public procurement are two impediments hampering this sector that need to be removed urgently.

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