The pharma sector in the Telangana state is registering growth beyond expectations. State IT Principal Secretary Jayesh Ranjan said that although the market for pharmaceuticals, biotechnology and medical device equipment is expected to reach 100 billion dollars (over Rs. 8 lakh crore) in ten years, it has already reached 80 billion dollars (Rs. 7 lakh crore). Attended the Formalitica 2023 Expo in Hyderabad as Chief Guest.
On this occasion, he said that the targets have been revised as the field of formalitics is developing very rapidly and he expressed the hope that this industry will reach 250 billion dollars (over Rs. 20 lakh crores) in the future. He did not give information on when it would arrive.
He said that the pharma sector is playing a vital role in the progress of the state. He suggested that human intervention in this sector should be reduced and technology should be given importance. He said that an exhibition like Formalitica will benefit pharmaceutical companies, especially advanced technology equipment and machinery.
250 representatives from 16 countries and more than 150 exhibitors displayed their products in this exhibition which will continue till the 3rd of this month. Informa Markets MD Yogesh Mudras, Deputy Drugs Controller Rankishan, Chief Sales Officer Shankar Gupta, Dr. Reddy’s Vice President Avinash Kumar Talwar and others participated in this program.
20 thousand crores into Pharma City
RK Aggarwal, national president of BDMAI, said that there is a possibility of investment of Rs.15 thousand crore to Rs.20 thousand crore in the pharma city being set up by the state government. During the pandemic, the domestic pharma sector recorded a growth of 5 percent, and now it will reach 10 percent.