Minister says Indian pharma sector can grow to 65 bln USD by 2024

Indian minister for chemicals and fertilizers D. V. Sadananda Gowda Thursday said the country was one of the largest manufacturers and exporters of generic medicines across the world.

"Indian pharma sector can grow to 65 billion U.S. dollars industry by 2024," Gowda said. "We have recently launched schemes for the development of seven mega parks-three bulk drug parks and four medical device parks across the country."

"New manufacturers will be eligible for the Production Linked Incentive (PLI) Scheme under which they will be eligible for financial incentives on basis of their sales for the first five to six years."

During the initial phase, he said, Hydroxychloroquine (HCQ) and Azithromycin was identified as one of medicines under treatment protocol for COVID-19 in emergency cases.

The minister said India earned the reputation of reliable suppliers of medicines as it supplied these medicines to more than 120 countries across the world.

Addressing a video conference FICCI LEADS 2020, the minister highlighted that India is one of the largest manufacturers and exporter of generic medicines across the world.

Gowda also said the market size of chemicals and petrochemicals sector in India is around 165 billion U.S. dollars, and the size was expected to grow up to 300 billion U.S. dollars by 2025.