The Indian pharmaceutical industry is aspiring to touch USD 120-130 billion by 2030 from the current USD 38 billion. To achieve the the goals of Vision 2030, the stakeholders need to work on accelerating the goal of universal healthcare across India and the world by providing access to high-quality affordable drugs. The stakeholders also need to work on becoming the world’s largest and most reliable high drugs supplier and achieve to grow to USD 120-130 billion by 2030. The Indian pharmaceutical industry is entering its next phase of growth. At this critical juncture, there is a need for stronger collaboration between pharma companies, the government and regulatory agencies. Concerted efforts by the pharmaceutical companies and the government’s intervention in the form of enabling policies and a supportive ecosystem can help the industry achieve Vision 2030. The government can be key enabler to achieve this, through strategic interventions such as increasing expenditure on healthcare from about 1 per cent to 2.5 per cent by 2025 and to 5 per cent of GDP by 2030, in line with the other developed economies in Europe and North America. It should also encourage investments by ensuring a stable pricing policy and supportive regulatory environment.

(Economic Times)