India's Pharma Industry: A Global Leader With US$ 120-130 Billion Target by 2030
India, a global leader in pharmaceuticals, is the world's third-largest producer by volume and 14th by value. The government is boosting domestic manufacturing with US$ 2 billion PLI schemes, while the industry exports to over 200 countries, generating US$ 19.38 billion in FY 2020-21. The sector's value reached US$ 41 billion in 2021 and is projected to hit US$ 65 billion by 2024 and US$ 120-130 billion by 2030.
India's pharmaceutical prowess is evident in its vast manufacturing facilities – over 10,500, with more than 3000 companies, all compliant with US-FDA standards. The industry supplies 20% of global generic medicines and is the world's largest vaccine producer, meeting 62% of global demand. The biologics market is poised for significant growth, expected to reach US$ 12 billion by 2025. Key export markets include the USA, Europe, and emerging economies in Africa, Latin America, and Asia. Cumulative FDI inflows since April 2000 stand at around US$ 18.6 billion.
Despite its strength, India's domestic API consumption is expected to reach US$ 19 billion by FY 2022, with a high import dependence of over 60%.
India's pharmaceutical industry, with its robust production, extensive exports, and significant growth potential, is a key player in the global market. The government's support and the industry's commitment to quality and innovation ensure its continued success.
