New Delhi, Nov 29 (KNN) The pharmaceutical sector in India is expanding at a remarkable rate and is expected to surpass USD 130 billion by 2030, reported FE citing industry experts.

Veeramani S. V., Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India) said, “The pharmaceutical sector in India is expanding at a remarkable rate, as demonstrated by the 8 per cent year-to-date increase in exports and the noteworthy 29 per cent surge in October alone,”

"This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said at the 16th edition of the CPHI and PMEC India Expo, a premier pharmaceutical business-to-business gathering held at the India Expo Mart and Centre in Greater Noida.

According to Veeramani, the growth rate of the domestic market has been more than 10 per cent.

The expo witnessed over 1,500 exhibitors displaying over 10,000. The event had drawn in excess of 50,000 visitors from around the world.

Director General Anil Matai of the Organisation of Pharmaceutical Producers of India (OPPI) sees continued expansion as the normal course. However, he noted that to achieve this necessitates regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, as we learned from the pandemic.

(KNN Bureau)