FICCI lays roadmap to unlock the full potential of Indian life sciences industry
JP Nadda, Union Health & Family Welfare Minister released the FICCI knowledge paper titled ‘Indian Life Sciences: Vision 20130, Expanding Global Relevance and Driving Domestic Access’ at Lifesciences Conference 2015, organised by FICCI in New Delhi today. Vision 2030 builds on the successful trajectory of the Indian life sciences industry. It lays out the path forward to unlock the industry’s true potential, which can become a reality if all the stakeholders collaborate and build on the strengths.
FICCI believes that by achieving this Vision 2030, the industry will continue making significant contribution to the economy and healthcare outcomes. The industry will sustain its growth trajectory of 11 to 12 per cent and grow seven to eight times to a size of $190 billion to S200 billion, driving five to six times growth in trade balance contribution to around $55 billion to $60 billion, reduction in energy imports and will also create nearly four million new jobs for the country over the next 15 years by the year 2030.
The report mentions that the industry will provide every Indian access to high-quality, affordable drugs by adopting innovative models and government support, can aspire to drive a three to four times increase in the number of treated patients across disease areas. It will also help built a global position for India in the innovation space and driving significant economic upside (exports of around $16 billion to $18 billion by 2030).