Pharma market growth in India will boost analytical market, say trade fairs
India’s leading trade fairs and conference for laboratory technology, analysis and biotechnology, analytica Anacon India and India Lab Expo, have released a press release reporting on the pharma industry growth in India, which is expected to reach $100 billion by 2025. This growth is also expected to boost the laboratory, analysis and diagnostics market, upon which the trade fairs and conference are hoping to capitalise.
It is reported that the Indian government (Union Cabinet) has agreed to the amendment of the existing policy on foreign direct investment (FDI) within the pharma sector, allowing 100% of FDI under the automatic route for the manufacture of medical devices subject to certain conditions. Additionally, according to data released by the Department of Industrial Policy and Promotion (DIPP) the Indian drugs and pharmaceuticals sector saw FDI worth $14.53 billion between April 2000 and December 2016.
“The pharmaceutical sector will continue to grow in future and is expected to become the third largest pharmaceuticals market by 2020 in terms of incremental growth and can generate $45 billion in revenue by then,” said Madan Mohan Reddy, chairman of the Pharmaceuticals Export Promotion Council Pharmexcil.
“The growth in the pharmaceutical industry is positive news,” added Bhupinder Singh, CEO of Messe Muenchen India. “It means more opportunities for the laboratory, analysis and diagnostics market in India.”
Co-organised with the Indian Analytical Instruments Association (IAIA), analytica Anacon India and India Lab Expo have received strong support from trade associations and offer exhibitors the chance to present equipment solutions and developments for the pharma sector as well as the opportunity to demonstrate these solutions in practical applications.
“Our trade fairs will continue to offer industry professionals ample opportunities to network, learn and see new technologies,” Singh continued. “Based on these positive economic forecasts, we are convinced that pharmaceutical and other industries which drive growth in laboratory and analysis market will continue their development.”