India's Pharmaceutical Industry On Track To Reach USD 130 Billion

2025-02-11 02:12:31

(MENAFN- KNN India) New Delhi, Feb 11 (KNN) India's Pharmaceutical industry is on the brink of remarkable growth, with its global market share projected to rise to 5 per cent by 2030, according to a report by Bain & Company.

Currently valued at around USD 55 billion, the Indian pharma market is expected to more than double over the next six years, reaching an estimated USD 120 billion to USD 130 billion.

By 2047, the market could approach USD 450 billion, cementing India's position as a major player in the global pharmaceutical landscape.

At present, the global pharmaceutical industry is valued at about USD 1.6 trillion, with India contributing roughly 3 per cent to 3.5 per cent. What makes India's pharma sector unique is that its export market is as substantial as its domestic market.

Pharmaceutical exports, a vital component of India's economy, accounted for 6 per cent of total merchandise exports by value in 2023.

These exports grew significantly from USD 19 billion in 2018 to USD 27 billion in 2023, marking an 8 per cent annual growth rate.

More than 70% of India's pharmaceutical exports consist of formulations, with bulk drugs and drug intermediates making up another 20 per cent.

Other export categories include vaccines, biosimilars, and innovative products like New Chemical Entities (NCEs) and New Biological Entities (NBEs).

India has become a global hub, housing over 10,000 manufacturing facilities and more than 3,000 pharmaceutical companies, including 650 US-FDA-compliant plants – the highest outside the U.S.

Indian pharma products reach nearly 200 countries, meeting around 50 per cent of Africa's demand for generics and 40 per cent of the U.S. needs.

Despite being the world's largest supplier of generic medicines, India ranks only 11th in terms of export value, accounting for 3 per cent of global pharmaceutical exports.

Nevertheless, strong domestic demand, a booming export market, and ongoing innovations signal a promising future for India's pharmaceutical sector.

(KNN Bureau)

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