"Biosimilars presents a USD 240 billion global opportunity for Indian Pharmaceuticals Industry while domestic market is expected to cross USD 40 billion by 2030 " ASSOCHAM-SATHGURU Report said.
The report was released by Prof D.Swaminadhan, President & Director General, Jawaharlal Nehru Institute of Advanced Studies (JNIAS) at ASSOCHAM-Department of Pharmaceuticals conference on " BioPharma : Biosimilars & Biogenerics; Emerging Investment Destination" here today.
The report said Indian Biosimilars industry is close to USD 300 Million in 2015. Domestic sales was close to USD 250 Million growing at CAGR of 14 per cent, while exports contributed close to USD 51 Million.
However, with the introduction of a new regulatory policy in India and increased affordability that Biosimilars offer, the domestic market is expected to grow at an accelerated pace and reach the target of USD 40 billion by 2030 and will command 20 per cent share in global market, it said.
The Conference was addressed by Prof. D. Swaminadhan, President & Director General, Jawaharlal Nehru Institute of Advanced Studies (JNIAS), Dr. Rakesh K. Mishra, Director, CSIR-Centre for Cellular and Molecular Biology, M Srinivas Shankara Prasad, Senior Advisor - APEDB, Government of Andhra Pradesh, Dr. G V M Sharma, Chief Scientist, CSIR Indian Institute of Chemical Technology, Dr Pushpa Vijayaraghavan, Director, Sathguru Management Consultants, and Mr Sandeep Kochhar, Head-ASSOCHAM Healthcare and Pharma Division.
Mr Sandeep Kochhar in his welcome address outlined the need for organizing this Conference. and said that Indian BioPharma market still at its nascent stage with less heavily regulated. However, the industry is comprised with a large pool of scientific talent, world class information technology and rapidly growing pharmaceutical sector. India is set to emerge as a leading player in the global biotech area, he added.MORE UNI VV CS 1406
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