India's Pharma Exports To Reach $350 Billion by 2047: Report The global pharmaceutical industry is valued at approximately $1.6 trillion, while India's market stands at $55 billion, projected to grow to $120-130 billion by 2030.
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India's economy is on a rapid growth trajectory, with the government setting its sights on transforming the nation into a $30 - $35 trillion economy by 2047. Among the key drivers of this vision is the pharmaceutical industry, which plays a crucial role in the nation's economic expansion. According to a report by Bain & Company titled "Healing the World: A Roadmap for Making India a Global Pharma Exports Hub", India is already the world's largest supplier of generic medicines, catering to nearly 20 per cent of global generics demand.
Despite its dominance in generics, India's pharma sector still lags behind in terms of market value. The global pharmaceutical industry is valued at approximately $1.6 trillion, while India's market stands at $55 billion, projected to grow to $120-130 billion by 2030. To secure a larger share, the report suggests India must transition from a volume-based exporter to a value-driven leader in high-value products such as biosimilars, specialty generics, and boosting API exports and CDMO services while leveraging the China+1 theme.
If India successfully capitalizes on these trends, its pharmaceutical exports could grow 10 to 15 fold, reaching an estimated $350 billion by 2047. The report emphasizes several key areas of focus to accelerate India's pharma exports. India must boost its production of active pharmaceutical ingredients (APIs) while capitalizing on the global shift toward diversifying supply chains, often referred to as the 'China+1' strategy.
The country already supplies vaccines to numerous low- and middle-income nations but must now target developed markets to maximize export value. Another area to focus on is investing in biosimilars and breakthrough therapies, that will be critical for India's transition to a value-led pharma economy.
Government and industry collaborations
The success of this transformation hinges on collaboration between the Indian government and the private sector. Piyush Goyal, Minister of Commerce and Industry, reaffirmed India's commitment stating, "India has long been the pharmacy of the world. Now we want to change the narrative to India as the healthcare custodian of the world. By strengthening collaboration between academia, industry, and government, we will continue to build a globally competitive sector that drives growth and contributes to healthcare worldwide."
Dr. Viranchi Shah, National President of the Indian Drug Manufacturers Association (IDMA), also underscored the need for strategic interventions. "India can become one of the leaders in pharma exports, but needs strategic interventions. Bulk drug parks are key to API export growth—India must scale efforts to revive and strengthen its API industry while improving energy supply, waste treatment, and road connectivity.," he stated.
With over 10,000 manufacturing facilities, 3,000 pharma companies and the highest number of US-FDA-compliant plants outside the US, India's pharmaceutical industry is at a pivotal moment. Sriram Shrinivasan, Partner at Bain & Company says, "The transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market. Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India's pharmaceutical future."
The report was created in collaboration with Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers Association (IDMA), and Pharmexcil, released at IDMA's 63rd Annual Day in Mumbai, by Piyush Goyal, Union Minister of Commerce and Industry.
