Following the signing of an agreement between the Department of Biotechnology and the state of Uttar Pradesh, Jitendra Singh, Minister of State for Science and Technology, Earth Sciences, and Other Responsibilities, revealed that India’s domestic pharmaceutical market is valued at $60 billion, but is expected to double, reaching $130 billion by 2030.

He noted that there are currently around 800 medical device manufacturers in the country, and that the annual growth of the medical technology sector in India is 15 to 20 percent, according to Singh.

Singh also stated that the rapid growth of India’s biotechnology ecosystem—from around 50 startups in 2014 to more than 11,000 today—reflects the sector’s potential to drive the country’s economic and healthcare goals.

He added that India is now recognized as a global supplier of vaccines, with more than 60 percent of vaccines manufactured here, compared to those produced globally, and more than 200 countries receiving Indian-made doses.

The Indian minister attributed this growth to political support and a comprehensive approach by the government, under which the Department of Biotechnology and its agencies have been reaching out to states to establish collaborations.

He added that partnerships such as the new agreement between the Department of Biotechnology and the state of Uttar Pradesh will help advance the vision of a developed India and strengthen the country’s position as a global provider of affordable domestic healthcare solutions.

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