The use of artificial intelligence (AI) and machine learning could revolutionize India's pharmaceutical industry by 2025. In the future, the sector is expected to reach a stronger position through the use of technology to improve quality as well as supply affordable and quality medicines.
According to a report by the Indian media NDTV, the current market value of the Indian pharmaceutical industry is 58 billion US dollars. By 2030, it is projected to nearly double to $120-130 billion.
Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said, 'The sector can realize its full potential through quality, innovation and global expansion.'
New drug innovation occupies a central place in the future policy of the Indian pharma industry. Promotion of Research and Innovation Program activities are expected to be launched soon, which will further accelerate the pace of innovation.
Sudarshan Jain also said, 'Indian companies are working to improve in specialized sectors such as CAR-T cell therapy, mRNA vaccines and complex molecule development. Apart from this, as important patents expire by 2025, there will be a big opportunity in the biosimilars market.
Anil Matai, Director General, Organization of Pharmaceutical Producers of India (OPPI) said, 'Artificial intelligence and machine learning will revolutionize precision medicine innovation, manufacturing and patient care.'
He added, 'Cohesion between policymakers, academia and industry partners will position our pharma industry in a stronger position globally.'
Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare, said that India's clinical sector market will grow from $99 billion to $194 billion by 2032.
Himanshu Vaidya, MD, PolyMedicare, said, 'The market value of the medical device industry is likely to reach $50 billion by 2030. Our innovative technology and favorable environment will further strengthen the global position of this sector.'
On the other hand, Amira Shah, chairperson of Metropolis Healthcare, said that the diagnostic industry will reach $25 billion by 2028 from $13 billion. Use of technology, genomics and data analytics will further accelerate the progress of this sector.
Innovative advancements in India's pharmaceutical and healthcare sectors and developing sustainable projects are expected to play a significant role in the country's economic growth.
