India’s Union Finance Minister, Nirmala Sitharaman has said the country is now the 10th biggest medical tourism hub in the world worth nine billion dollars.
According to travelandtourworld.com, the minister made the revelation while addressing the 35th convocation ceremony of Tamil Nadu Dr. MGR Medical University.
She said: “It is good medical institutions that train and mould good doctors. About 2 million patients from around 76 countries visit India for medical, wellness and IVF treatments, generating $6 billion for the industry. This is expected to increase to $13 billion by 2026.” she added.
The Indian pharma industry is sought after by most countries, Sitharaman said, mainly due to its expertise in producing medicines in accordance with global standards and for its cost competitiveness. This has catapulted India to be known as the pharmacy of the world.
The Indian pharma industry witnessed an exponential growth of 103 per cent during 2014-2022 period. The industry’s size has grown from $11.6 billion to $24.6 billion. Now, India exports drugs and pharmaceuticals worth $2 billion.
“India supplies about 50 per cent of the requirement of all of Africa’s generic medicines. About 40 per cent of America’s generic medicine requirement is met by the Indian pharma sector. Also, about 25 per cent of all medicines in the UK is supplied by our industry,” she stated.
Tamil Nadu Governor RN Ravi and State Health Minister Ma Subramanian, among others, were present at the convocation ceremony.
