Pharma stocks trade higher with industry aiming to grow to $120-130 billion by 2030

Pharma stocks were trading higher as Indian Pharmaceutical Alliance (IPA) has said that the pharmaceutical sector in the country is aiming to grow to the size of $120-130 billion by the year 2030 from the existing $38 billion.

Sun Pharmaceutical Industries is currently trading at Rs. 383.65, up by 8.10 points or 2.16% from its previous closing of Rs. 375.55 on the BSE. The scrip opened at Rs. 367.40 and has touched a high and low of Rs. 386.55 and Rs. 367.40 respectively. So far 208246 shares were traded on the counter.

Lupin is currently trading at Rs. 710.80, up by 7.35 points or 1.04% from its previous closing of Rs. 703.45 on the BSE. The scrip opened at Rs. 705.00 and has touched a high and low of Rs. 713.00 and Rs. 703.45 respectively. So far 18685 shares were traded on the counter.

Cipla is currently trading at Rs. 540.75, up by 7.25 points or 1.36% from its previous closing of Rs. 533.50 on the BSE. The scrip opened at Rs. 534.00 and has touched a high and low of Rs. 542.00 and Rs. 529.00 respectively. So far 38228 shares were traded on the counter.

To achieve the goal, it said that the stakeholders need to work on accelerating the goal of universal healthcare across India and the world by providing access to high-quality affordable drugs. It added that the stakeholders also need to work on becoming the world’s largest and most reliable high drugs supplier.

IPA has stated that the Indian pharmaceutical industry is entering its next phase of growth. Therefore, it said that at this critical stage, there is a need for stronger collaboration between pharma companies, the government and regulatory agencies. It believed that concerted efforts by the pharmaceutical companies and the government's intervention in the form of enabling policies and a supportive ecosystem can help the industry achieve Vision 2030.

Industry body further said that the government can be a key enabler to achieve this, through strategic interventions such as increasing expenditure on healthcare from about 1 percent to 2.5 percent by 2025 and to 5 percent of GDP by 2030, in line with the other developed economies in Europe and North America. It should also encourage investments by ensuring a stable pricing policy and supportive regulatory environment. It noted that the government can also intervene by focusing on active pharmaceutical ingredient (API) manufacturing to reduce the reliance on imports through plug-and-play infrastructural support in dedicated zones.