Union Minister for Commerce and Industries Piyush Goyal has said that the Indian pharma and biotech industry is expected to grow to 100 billion dollars by 2025 from the current size of about 40 billion dollars. He predicted an annual growth rate of 10 per cent despite the global slow down and the recent Corona virus outbreak. Speaking at the CEO’s Conclave on the second day of the ongoing Bio-Asia in Hyderabad last evening, the Minister assured the industry that the government will be supporting the life sciences industry to thrive further by granting patent approvals in a record period of time.
Mr Goyal further said, the price controls in the country worked huge in favour of the people and reiterated that the recent policies and price controls on drugs and medical devices will benefit society at large. The Minister also assured the industry that he will call for a meeting during the second week of next month to address all the issues pertaining to the industry. The CEOs of various Biotech and Pharma companies discussed how to leverage on the strengths in generics, vaccines and tech industry to win the race further.
Earlier, Genome Valley Excellence Award has been presented to Novartis CEO Dr Vas Narasimhan. The BioAsia will continue today.