AI and Precision Medicine Revolutionize Pharma Innovation

CIOTechOutlook Team | Thursday, 26 December 2024, 11:36 IST

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Technological innovations such as AI, machine learning, and precision medicine are poised to transform drug discovery, production, and patient treatment. The sector, projected to nearly double to approximately USD 130 billion by 2030, aims to leverage favorable policies, demographics, and digital skills, positioning India as a key player in enhancing global health for everyone.

At present, the Indian pharma industry represents about 20 percent of total global generic drug sales and is emphasizing research excellence and innovation to establish the nation as a global center for high-quality, affordable medications.

"The Indian pharma market is expected to move up to USD 120-130 billion by 2030 from the current size of USD 58 billion. Initiatives in terms of quality, innovation and wider global reach will help the Indian pharma sector to realise the potential," according to Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain. Due to favorable policies and its demographic and digital talent, India will be vital in promoting global health for everyone in the future, he stated.

"Additionally, the industry is set to make notable progress in areas such as CAR-T cell therapy, mRNA vaccines, and the development of complex molecules, which hold immense potential for driving future growth," Jain said.

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