Indian pharma can grow to $65 billion industry, says Minister

India's Chemicals and Fertilizers Minister D V Sadananda Gowda has invited Latin American and Caribbean countries to invest in the Indian pharma sector, stating that it could grow to become a $65 billion industry by 2024. With the government recently launching schemes for the development of drug parks across the country, the Minister said India could well replace China as the world's factory, reports The Pharma Letter’s India correspondent.

Addressing a video conference, the Minister highlighted that India is one of the largest manufacturers and exporters of generic medicines across the world, and that it is the only country with the largest number of US Food and Drug Administration-compliant pharma plants (more than 262 including APIs) outside of the USA.

Mr Gowda said India exports over $20 billion worth of pharma products to various countries, including "high standards complying countries" like the US and Europe.