Indian Pharma Companies Should Aim to Be Among World’s Top Five: PM Modi
Prime Minister sets global growth targets for Indian businesses, calls for 50 Indian companies to enter Fortune 500
NEW DELHI— Prime Minister Narendra Modi on Saturday called on Indian companies to expand their global presence, setting ambitious targets for the country’s pharmaceutical and broader business sectors as India pursues its long-term development goals.
Addressing the nation from the Red Fort on India’s 80th Independence Day, Modi said India’s economic growth should be accompanied by the emergence of globally competitive companies with a stronger international footprint.
The Prime Minister said Indian pharmaceutical companies should aspire to become part of the five largest pharmaceutical companies in the world.
He also called for India to have 50 companies listed in the Fortune 500, underlining the need for Indian businesses to scale globally.
Modi has previously highlighted the transformation of India’s pharmaceutical industry from a major supplier of affordable medicines into an emerging centre for pharmaceutical innovation.
“From the pharmacy of the world to a hub of innovation, India’s pharma sector is moving up the value chain,” Modi said in a post on X.
He said the government has placed greater emphasis on research and development, biologics, biosimilars and advanced therapies.
“Under the present government, the focus has been on extensive R&D, biologics, biosimilars and cutting-edge therapies,” Modi said.
The Prime Minister has also pointed to increasing domestic manufacturing and efforts to reduce dependence on imports as important elements in strengthening India’s pharmaceutical and medical technology sectors.
According to the government, these efforts are helping India develop its position as a global med-tech partner, with a focus on making healthcare more affordable and accessible.
More than 50 high-end medical devices are now being manufactured domestically under the Production Linked Incentive (PLI) scheme, while continued foreign investment has reflected growing investor interest in India’s medical technology sector.
India’s medical technology market is currently valued at around $15-16 billion and is expanding at nearly 12 per cent annually, according to industry estimates.
The country is the fourth-largest medical technology market in Asia and ranks among the top 20 globally.
A recent industry report has projected that India’s domestic medical device industry could become a global powerhouse, with the market potentially reaching $250 billion by 2047.
The targets outlined by Modi form part of a broader push to move Indian industries higher up global value chains, increase domestic manufacturing and develop companies capable of competing at international scale. (Source: IANS)
