Indian pharma can be a ₹10 trn market: PM Modi
1 min read . Updated: 06 Mar 2023, 12:14 PM IST
PremiumProviding affordable medical care has been the top priority of the government, PM Modi said, adding that ‘Ayushman Bharat’, a government health insurance scheme, and ‘Jan Aushadhi’ centres, where medicines are sold at cheaper rates, have saved Indian citizens ₹80,000 crore and ₹20,000 crore, respectively
New Delhi: Indian pharma can be a ₹10 trillion market with proper coordination between private sector and academia, Prime Minister Narendra Modi said on Monday. The current market size of the industry is about ₹4 trillion.
Addressing a post budget webinar on ‘Health and Medical Research’, PM Modi said that there was growing confidence for India’s pharma capabilities and the industry needs to capitalise on this.
“A new programme is being launched to boost research and innovation in the pharma sector through centres of excellence which will strengthen the economy as well as create new opportunities for employment," said the prime minister.
He asked stakeholders to identify important areas for investment.
He also said that India has started work on skilled manpower for future medical technology and high-end manufacturing and research, and asked participants to find ways of industry-academia and government collaboration.
Providing affordable medical care has been the top priority of the government, PM Modi said, adding that ‘Ayushman Bharat’, a government health insurance scheme, and ‘Jan Aushadhi’ centres, where medicines are sold at cheaper rates, have saved Indian citizens ₹80,000 crore and ₹20,000 crore, respectively.
The prime minister said that more than 260 new medical colleges have been opened over the last few years and also highlighted the role of technology in constantly making medical services accessible and affordable. He elaborated on the government’s focus on implementation of technology. So far, 10 crore people have benefited from tele-consultations through schemes like e-Sanjivini.
“5G is creating new opportunities in this sector for startups. Drones are bringing revolutionary changes in medicine delivery and testing services. This is a great opportunity for the entrepreneurs and will give a push to our efforts for universal healthcare", he said, urging entrepreneurs to avoid importing technology.
He pointed out that medical tourism is becoming large and is generating employment opportunities.