India's pharma market is poised to double by 2030, to hit USD 120 bn: OPPI-BCG report

New Delhi [India], November 28 (ANI): The Indian healthcare sector is on a trajectory of rapid growth, with the pharmaceutical market poised to double from its current valuation of USD60 billion to an estimated USD120 billion by 2030, according to a report by the Organisation of Pharmaceutical Producers of India (OPPI) in collaboration with the Boston Consulting Group (BCG).
The summit brought together industry leaders, innovators, scientists, and policymakers to discuss India's burgeoning role in the global healthcare space.
India is not just cementing its position as a global innovation hub but is also an economic bright spot amid global uncertainties.
Anil Matai, Director General of OPPI, said, "India's robust pharma ecosystem, bolstered by visionary government initiatives, positions the nation as a global pharma powerhouse."
Global pharmaceutical companies have played a crucial role in this transformation, introducing cutting-edge technologies, implementing patient-centric programs, and investing in local manufacturing and R&D capabilities.
Over the next five years, nearly 70 per cent of the global pharma companies are expected to achieve annual growth exceeding 10 per cent in India.
Priyanka Aggarwal, Managing Director and Senior Partner at BCG, remarked, "The Indian Pharma Market is poised to double by 2030, presenting significant opportunities for global pharmaceutical companies."
The report emphasises that a tailored, India-specific strategy is crucial for success in this unique market.
Challenges such as non-uniform payer coverage for speciality drugs, complex pricing schedules, and varying healthcare infrastructure require companies to adapt their portfolios and operational models.
Anirudh Tara, Managing Director & Partner at BCG, said, "Winning in India's healthcare market requires a deep understanding of local dynamics, from tailored pricing and patient access programs to strategic partnerships and empowering healthcare providers."
Tara added, "The eight principles outlined in this report provide a roadmap for global pharmaceutical companies to navigate the unique opportunities and challenges in this high-growth market." (ANI)