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Healthcare sector CAGR to reach USD 372 Bn & create 40 Mn jobs by 2022: Gowda
By TOG News Service
Sep 18, 2019

TOG NEWS SERVICE, NEW DELHI, SEPT 18, 2019: THE Minister of Chemicals & Fertilizers Mr Sadananda Gowda inaugurated the Annual Health Conference Pharma Med HD 2019 Transforming the perception of Indian Health Care Industry here yesterday. He congratulated the PHD Chamber for gathering all the stakeholders of the Healthcare Industry on one platform through such conference and stated that the sector is expected to generate 40 million jobs in India by 2020.

The health care industry in India has been one of the country's largest economic sectors, with regard to both employment and revenue. The Indian healthcare sector, is expected to record a threefold rise, at a CAGR of 22% during 2016-2022 to reach USD 372 billion in 2022 from USD 110 billion in 2016, the Minister stated. India ranks 145th among 195 countries in terms of quality and accessibility of healthcare. There is immense scope for enhancing healthcare services penetration in India, thus presenting ample opportunity for development of the healthcare industry.

The Minister mentioned that the Indian healthcare industry is one of the most knowledgeable and professional industry in the world and that this has been amply proved by many facts. The Indian healthcare Delivery as in the hospitals are one of the most efficient and cost-effective healthcare delivery systems due to our expert doctors and specialists and well-equipped diagnostics and nursing services. Though India is dependent on imports in medical devices but Indian Medical Device manufacturers have now taken a lead and are producing high quality devices.

India is the only country with largest number of US-FDA compliant Pharma plants (more than 262 including APIs) outside of USA. India has nearly 1400 WHO-GMP approved Pharma Plants, 253 European Directorate of Quality Medicines (EDQM) approved plants with modern state of the art Technology. No other country can boast of such an infrastructure. Indian pharmaceutical industry supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in UK.

India accounts for 20% of global exports in generics. India's pharmaceutical exports stood at USD 17.27 billion in 2017-18 and are expected to reach USD 20 billion by 2020. In 2018-19 these exports are expected to cross USD 19 billion. Indian pharmaceutical sector is expected to grow at a CAGR of 15% in the near future and medical device market expected to grow $50 billion by 2025. India is the second largest contributor of global biotech and pharmaceutical workforce. The pharmaceutical sector was valued at USD 33 billion in 2017.

Indian pharmaceutical companies received record 300 generic drug approvals in USA during 2017 where the generic market is expected to reach USD 88 billion by 2021. By 2024-25, India's biotech industry is estimated to increase to USD 100 billion. As per industry estimates, the Indian medical devices market would grow to USD 50 billion by 2025. Currently, India is counted among the top 20 global medical devices market and is the 4th largest medical devices market in Asia after Japan, China and South Korea.