Biosimilars, a pre-defined moonshot sector for the Indian Biopharma industry, is expected to grow over 30 per cent and above by 2047, but needs governmental reforms to burgeon, a recent Confederation of Indian Industry (CII) report said.
According to the India Bioeconomy report 2022 by the department of biotechnology, by 2025 BioPharma sector is expected to grow nearly 1.4 times to nearly $63 billion from $45 billion in 2022.
Though India is a leading vaccine manufacturer, companies still imported Rs 2,628 crore worth vaccines in 2020-21 as against Rs 2,804 crore imported in 2019-20