Minister of State, Ministry of Health & Family Welfare, Anupriya Patel on March 29 forecast that the size of healthcare industry would be scaling up at US$280 billion by 2020 from current estimated level of about US$100 billion with new National Health Policy being in place which incentivizes the health industry in general both in public and private domain as the government would spend 2.5% of GDP on Health up from 1% which will grow the Indian Healthcare Industry

While inaugurating a 5th Annual Conference: PharmaMed HD 2017-Drug, Devices & Delivery-A360 Degree Approach under aegis of PHD Chamber of Commerce and Industry here today, the Minister also exuded confidence that with new administrative dispensations in place, health for all would be imperative as the government is attaching top priority on it as a result the healthcare industry is likely to grow at 23% CAGR which would propel its size to estimated US$280 billion in next few years.

According to her, “the medical device industry would also witness phenomenal growth with its flagship programme of Make in India.  It is estimated that the medical device industry would double its growth prospects and reach an estimated level of US$ 6 billion from current level of little over US$3 billion”.

The Minister promised several policy initiatives that would gradually be added on to policy documentation relating to health sector as the government is committed to provide health for all and in this direction it has already altered the deadline for elimination of tuber-clauses which was earlier set at 2030 to 2025 which shows the pace with which the NDA government would fulfill its health targets.

Later on speaking at the conference Joint Secretary, Department of Pharmaceuticals, Sudhansh Pant also assured industry that inadvertent duty structure for healthcare is being corrected with each passing day and such anomalies would continue be addressed by the government until eliminated.

The conference was also addressed by Deputy Drug Controller of India, Swati Srivastava; Vice President, Sun Pharmaceutical Industries Ltd., Azadar Khan; Principal Advisor, Indian Medical Association, Dr. N V Kamat and Chairman & Co-Chairman, Health Committee, PHD Chamber, Nishant V Berlia and Himanshu Baid along with its Director, Vivek Seigell among others.