Indian pharma sector can grow to 65 billion dollar industry by 2024: Sadananda Gowda

Chemicals and Fertilizers Minister DV Sadananda Gowda said India is one of the largest manufacturers and exporters of generic medicines across the world. Addressing the Latin America and Caribbean Session on ‘Reimagining Distances’, through virtual mode Mr. Gowda said, Indian pharma sector can grow to 65 billion dollar industry by the year 2024. Referring to supply of HCQ and Azithromycin for treatment of Covid-19 cases, he said, India has supplied these medicines to more than 120 countries. He underlined that India has earned the reputation of reliable supplier of medicines in the world.

Mr. Gowda said, the government has recently launched schemes for development of seven mega parks including three bulk drug parks and four medical devices parks across the country. He invited the investors to set up manufacturing base in India in the pharma sector. The Minister said the market size of Chemicals & Petrochemicals sector in India is around 165 billion dollars and is expected to grow up to 300 billion dollars by the year 2025.