The government has released the Economic Survey 2020-21, giving insights
about the economic performance of the country and the future growth prospects. As
per the Economic Survey, the Indian pharma industry is expected to grow three
times the current value in the next decade.
The Indian pharma industry which is currently valued at USD 41
billion is expected to become USD 120-130 billion by 2030, as per the Economic
Survey 2020-21. The global pharma industry is expected to grow to USD 1.5
trillion by 2030.
The abundant availability of raw materials and a large pool of
skilled workforce have helped India become of the major pharma hubs in the
world. The pharma industry suffered a bit during the initial stages of the
pandemic due to prolonged lockdown in China and the non-availability of
essential APIs. However, eventually, the industry reported a significant
growth in terms of exports despite the pandemic, positioning India as a prominent
player in the global pharma industry.
With Indian pharma industry expected to grow at a rapid pace
over the next few years, it is the best time for new entrepreneurs to enter
into the pharma industry in the country.
SolutionBuggy with more than 550 pharma consultants
helps new entrepreneurs easily enter into the pharma industry. If you are
planning to start a pharma industry then kindly register with SolutionBuggy.
You can also check out the best manufacturing
business ideas in 2021 from SolutionBuggy.
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