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“The Indian pharmaceutical sector, currently valued at $55 billion, is expected to reach $130 billion by 2030 and $450 billion by 2047,” experts said at an industry event.
With exports currently contributing $27.85 billion, India is solidifying its position as the ‘Pharmacy of the World,” they added.
“The industry’s advancements in biologics, specialty generics and AI-driven technologies are redefining health-care solutions worldwide,” they said, adding that India as a key player in global exports, is expected to continue its upward trajectory, targeting a $1 trillion industry revenue including exports by 2047.
Speaking at CPHI & PMEC India, organised by Informa Markets in India, K. Raja Bhanu, Director General, Pharmexcil said, “The Indian pharmaceutical sector, a key focus area for exports, has demonstrated remarkable growth, with current market size at $55 billion and exports contributing $27.85 billion.”
“Projections indicate exports will soar to $130 billion by 2030 and $450 billion by 2047,” he said. Namit Joshi, vice-chairman, Pharmexcil said, “The Indian pharmaceutical industry has solidified its global position as the ‘Pharmacy of the World’ and earned recognition as the ‘Healers of the World’ through its exceptional contribution to COVID-19 vaccine distribution.”
“With exports nearing $27.84 billion and innovative advancements like nanoparticles and improved drug delivery systems, India continues to lead. Integrating IT with pharmaceuticals will further strengthen its role, paving the way for dominance in biologics and biosimilars,” he said.
Pharma exports to grow at a faster clip, touch $31 billion in FY25
Harish K. Jain, president, Federation of Pharma Entrepreneurs (FOPE) said, “By 2030, we expect our exports to grow significantly, with 70% directed to Europe and the U.S. Our industry’s impact is enormous — Indian pharmaceuticals contribute $8 billion annually to the U.S. healthcare system, saving patients more than $1.5 trillion,” he said.
“With growing capabilities in AI, machine learning, and biologics, India is poised to become the world’s leading pharmaceutical hub, targeting a $1 trillion industry by 2047,” he added.
Yogesh Mudras, Managing Director, Informa Markets in India said, “Having evolved into a vibrant sector, India now ranks third globally in pharmaceutical production by volume and 14th by value, contributing approximately 1.72% to the nation’s GDP. India is among the top 12 global biotechnology destinations and the third largest in the Asia-Pacific region.”
“This leadership stems from key advantages such as a low manufacturing cost, which is 30%-35% lower than in the U.S. and Europe, cost-efficient R&D at 87% less than developed markets and an abundant pool of skilled labour. These strengths position India as a formidable player in shaping the future of global health care,” he said.
Published – November 28, 2024 03:23 pm IST