India’s pharmaceutical industry is on the cusp of transformative growth, poised to solidify its reputation as the ‘Pharmacy of the World’ and the ‘Healers of the World.’ With its critical contributions during the COVID-19 pandemic and a steadfast focus on affordability and innovation, the sector is set to expand significantly. Currently valued at USD 55 billion, the industry is projected to reach USD 130 billion by 2030 and a staggering USD 450 billion by 2047, potentially crossing USD 1 trillion in value by the same year.
Dr. Veeramani, Chairman of Pharmexcil (Pharmaceuticals Export Promotion Council of India), emphasized India's prominent position as a global leader in the pharmaceutical industry.
He highlighted the sector's extensive reach, exporting to over 200 countries and offering a broad spectrum of solutions across active pharmaceutical ingredients (APIs), finished Dosages, clinical research, and pharmacovigilance.
India’s pharmaceutical sector is a cornerstone of global healthcare, exporting medicines worth USD 27.85 billion to over 200 countries. Its competitive manufacturing costs 30%-35% lower than the US and Europe coupled with R&D expenses that are 87% cheaper than developed markets, make India an essential player in the global pharmaceutical supply chain.
The sector's scale and research-driven competitiveness, emphasize its rank as the third-largest pharmaceutical producer globally by volume and 14th by value. India contributes 1.72% to the country’s GDP, further cementing its position as a leader in healthcare innovation and production.Yogesh Mudras, Managing Director of Informa Markets in India
The Indian pharmaceutical industry’s rapid advancements in biologics, specialty generics, and AI-driven technologies are reshaping the global healthcare landscape. These innovations were prominently featured at the CPHI (Convention on Pharmaceutical Ingredients) & PMEC (Pharmaceutical Machinery and Equipment ConventionIndia) Expo in Noida, which brought together over 2,000 exhibitors and 50,000 visitors from more than 120 countries including the USA, UAE, South Korea, Japan, and the UK. The expo served as a hub for showcasing breakthroughs in pharma machinery, packaging, analytical instruments, and biopharmaceuticals.
India’s skilled workforce and robust infrastructure position it as a leading hub for pharmaceutical production and innovation. By capitalizing on cost efficiencies and fostering strategic partnerships, the industry is expected to drive healthcare accessibility and innovation worldwide.
(Input from various sources)
(Rehash/Josna Lewis/MSM)