Indian companies should strive to be among world’s top 5 pharma giants: PM Modi

New Delhi, Aug 15

Prime Minister Narendra Modi on Saturday set ambitious global targets for Indian businesses, calling for stronger representation of pharmaceutical firms on the world map.

Addressing the nation from the Red Fort on the 80th Independence Day, PM Modi said India’s economic growth must be matched by the emergence of globally competitive companies with a larger international footprint.

The Prime Minister called for Indian pharmaceutical companies to enter the ranks of the five largest pharmaceutical companies worldwide.

Also, India should aim to have 50 companies listed in the Fortune 500 list, PM Modi emphasised.

PM Modi recently said that India’s pharma sector is moving up from the pharmacy of the world to a hub of innovation.

PM Modi highlighted India's transition from a global supplier of affordable medicines to an emerging centre of pharmaceutical innovation.

The Prime Minister said that India's pharma sector is steadily moving up the value chain, with a strong push towards research and development, biologics, biosimilars and next-generation therapies.

“From the pharmacy of the world to a hub of innovation, India's pharma sector is moving up the value chain,” PM Modi said in a post on X.

“Under the present government, the focus has been on extensive R&D, biologics, biosimilars and cutting-edge therapies,” PM Modi explained.

According to PM Modi, domestic manufacturing, reduced import dependence and government support are helping the country emerge as a trusted global med-tech partner. India was steadily emerging as a trusted global med-tech partner focused on affordable and accessible healthcare.

More than 50 high-end medical devices have started being manufactured in India under the PLI scheme, while continued foreign investment reflects growing investor confidence in the sector.

India's med-tech market is currently valued at $15-16 billion and is growing at nearly 12 per cent annually. The sector is the fourth-largest medical technology market in Asia and among the top 20 globally.

A recent report showed that the domestic medical device industry is expected to emerge as a global powerhouse with a projected market size of $250 billion by 2047.