Union Minister of State for Commerce and Industry, Jitin Prasada has stressed that the country’s pharmaceutical sector will touch the 130 billion US dollar mark by 2030, which is currently at around 55 billion US dollars. Mr Prasad inaugurated the 10th International Pharmaceutical Exhibition IPHEX at India Expo Mart in Noida, Uttar Pradesh.

Speaking on this occasion, the Minister said that the country is emerging as a global pharma leader by becoming a world-class cost-effective healthcare destination. He highlighted that the government introduced the Production Linked Incentive scheme for the pharma sector to boost domestic manufacturing and reduce dependence on imports. He added that pharma exports surged from 14.9 billion US dollars to 27.9 billion US dollars in the last 10 years under Prime Minister Narendra Modi’s visionary leadership.

Mr. Prasada said, the country’s pharmaceutical sector is a significant contributor to the GDP with the third largest industry in terms of volume and it is home to more than three thousand pharma companies. He said, the pharma sector has a strong network of more than 10 thousand 500 manufacturer facilities and has a 20 per cent share in global generic medicines demand.

IPHEX is a three-day event in which more than 400 major Indian pharma companies showcase their pharmaceutical products and technologies. More than 400 foreign buyers from across the world are expected to attend the expo.