Union health & family welfare Minister J P Nadda released the FICCI knowledge paper titled “Indian Life Sciences: Vision 2030, Expanding Global Relevance and Driving Domestic Access” at Lifesciences Conference 2015, organized by FICCI in New Delhi today.
Vision 2030 builds on the successful trajectory of the Indian life sciences industry. It lays out the path forward to unlock the industry’s true potential. This can become a reality if all the stakeholders collaborate and build on the strengths.
FICCI believes that by achieving this Vision 2030, the industry will continue making significant contribution to the economy and healthcare outcomes.
According to the knowledge paper, industry will sustain its growth trajectory of 11 to 12 per cent and grow 7 to 8 times to a size of USD 190 billion to 200 billion, driving 5 to 6 times growth in trade balance contribution to around USD 55 billion to 60 billion, reduction in energy imports and will also create nearly four million new jobs for the country over the next 15 years by the year 2030.
The Indian life sciences industry is now the third-largest contributor to reducing India’s merchandise trade deficit. The industry generates around USD 10 billion of trade surplus every year, allowing it to neutralize around 4 to 5 per cent of total energy imports for India In addition, it also generates jobs and self-employment for around 2.5 million people.
In pharmaceuticals, India is now the eighth largest country by value globally with one of the highest growth rates. It is strongly positioned in key overseas markets like USA. In clinical trials, India continues to be one of the top 15 destinations globally. Significantly, Indian drugs are available at affordable prices as compared to global markets. Further, India is the primary supplier of essential medicines for numerous diseases, helping save millions of lives globally.
Indian medicine industry has also built strong value chain capabilities. In manufacturing, India continues to have the highest number of FDA-approved formulation plants outside the US. In R&D and regulatory, Indian industry has accounted for 32 per cent of the ANDA filings last year, second only to the US at 44 per cent.