Union Minister for Science and Technology Jitendra Singh, today, said that India’s pharma exports, currently valued at nearly 27 billion dollars, are expected to cross 30 billion dollars by this year. Speaking on the occasion of the signing of the Memorandum of Understanding (MoU) between the Department of Biotechnology and the Government of Uttar Pradesh, Dr Singh said that the agreement will help advance the vision of Viksit Bharat 2047 and reinforce India’s position as a provider of affordable healthcare solutions.

 

The Minister highlighted that the India is being described as the Pharmacy of the world and is supplying its manufactured vaccines to over two hundred countries. He added that the country’s domestic pharma market of 60 billion dollars is expected to rise to 130 billion dollars by 2030. Dr Singh said the rapid growth of India’s biotech ecosystem from about 50 Startups in 2014 to more than 11 thousand today reflects the sector’s potential to drive the country’s economic and healthcare goals. The Minister further hailed the move for launching the world’s first dedicated biotechnology policy, Bio3. He said that this initiative will boost the country’s economy and make it a technology-driven country.