| |DECEMBER 20249CHRONIC DISEASE RISE TO DRIVE SPECIALTY GENERIC MARKET GROWTHINDIA'S MEDICAL TECH EXPORTS POISED TO REACH $20 BILLION BY 2030The increase in chronic illnesses is anticipated to drive the need for specialty generic products. There is expected to be a significant increase in the size of the specialty generics market in the coming years. The amount is projected to reach $164.57 billion by 2028, with a CAGR of 14.1 percent during that time period.The increase in the projected timeframe is due to the growth of the biosimilars market, focus on developing complex generic drugs, rise in attention towards specialty generic injectables, implementation of 3D printing in specialty generic production, and expansion of specialty generics in developing countries.Key trends during the projected period involve customized and precise specialty generic medications, strategic alliances and partnerships in the development of generic drugs, emphasis on creating abuse-resistant versions, incorporation of digital health technologies in specialty generics, regulatory efforts to speed up approval of complex generics.Chronic illnesses are persistent conditions that often cannot be cured. Nonetheless, it can be cured and managed at times. Chronic conditions are caused by lifestyle changes, diet habits, and unhealthy body weight; continued chronic infections can increase the risk of cancer. The increasing prevalence of these illnesses highlights the necessity for specialized generic medications for patients with complex chronic conditions. POIndia's medical technology sector is projected to reach exports worth $20 billion by 2030. The industry body CII mentioned that in order to boost international shipments, the sector requires more government incentives and improved ease of doing business.Himanshu Baid, chairman of the National Medical Technology Forum at CII, stated that the PLI scheme should be expanded to cover more medical devices in the sector, and manufacturers should receive export incentives to offset additional costs."Today, we are importing almost 60 to 70 per cent of our medical equipment which are needed in the country. Whereas, our manufacturing is still very low as around 30 per cent is only manufactured in the country. Our imports are far exceeding our exports. Our imports are almost $8 billion and our exports are close to $4 billion," he said.Nevertheless, Baid mentioned that India possesses significant potential to advance this sector to the next stage, capitalizing on the global shift towards the 'China plus one' approach to diversify import sources. India is in a great position to benefit from its talent in software, hardware, and low labor costs when compared to China.On the export potential of the Indian medical technology industry, he said, "My expectation is that by 2030 India's exports can reach around $15 billion to $20 billion and our imports would reduce from $8 billion to $3-4 billion". PO
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