Indian pharma sector’s value can grow 150% to ₹10 lakh crore by partnering with academia: PM Modi

With proper coordination between the private sector and academia, the Indian pharma sector’s valuation could grow to ₹10 lakh crore, from its current worth of ₹4 lakh crore, Prime Minister Narendra Modi said on Wednesday in a post-budget webinar on health and medical research.

The Prime Minister said that making medical treatment affordable has been a priority of his government. “At present, the Ayushman Bharat and Jan Aushadhi schemes have saved more than ₹1 lakh crore for patients from the poor and middle classes, and the PM-Ayushman Bharat Health Infrastructure Mission is not only giving rise to new hospitals but is also creating a new and complete health ecosystem,” Mr. Modi said.

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This is the ninth of a series of 12 post-budget webinars organised by the government to seek ideas and suggestions to effectively implement the initiatives announced in the Union Budget 2025-26.

Affordable and accessible

Healthcare could be viewed in terms of the pre- and post-COVID systems, he said. “Life-saving equipment like medicines, vaccines and medical devices were weaponised when the pandemic was at its peak. That is why we have put forward a vision before the world: One Earth, One Health. India has constantly tried to reduce our dependence on foreign nations and emphasised the role of all stakeholders in this,’’ the PM said.

Beyond the Health Ministry, the whole government is oriented towards making medical treatment affordable a priority, he said. “Through Ayushman Bharat, poor patients saved about ₹80,000 crore due to free treatment under the scheme. Additionally, affordable medicines from 9,000 Jan Aushadhi Kendras have saved about ₹20,000 crore for the poor and middle classes all over the country,” Mr. Modi said.

Noting that more than 1.5 lakh health centres have been developed in close proximity to homes across the country so that testing centres and first aid is readily available, the PM said that facilities for screening serious ailments like diabetes, cancer, and heart-related issues will also be made available at these centres. 

Emerging technology

Regarding human resources in the sector, Mr. Modi said that more than 260 new medical colleges have been opened in the last few years. “Opening 157 nursing colleges in the vicinity of the medical colleges is a huge step in the direction of medical human resources. This may be useful in fulfilling global demand, not just the domestic need,” he added. 

The Prime Minister highlighted the role of technology in constantly making medical services accessible and affordable, noting that drones are bringing revolutionary changes in medicine delivery and testing services. “This is a great opportunity for entrepreneurs and will give a push to our efforts for universal healthcare,” he said.