India’s Pharma Sector: A Global Powerhouse
India’s pharmaceutical industry continues to shine on the global stage. Union Minister of State for Chemicals and Fertilizers, Anupriya Patel, revealed in a recent Rajya Sabha reply that the sector’s market value reached a staggering $50 billion in FY 2023-24, solidifying its position as the world’s third-largest by volume.
Domestic consumption of pharmaceuticals stood at $23.5 billion, while exports contributed a significant $26.5 billion to the economy. India’s pharmaceutical products, ranging from generic drugs to cutting-edge biologics, are sought after worldwide, with the nation ranking 14th globally in terms of production value.
The National Accounts Statistics 2024 further underscored the industry’s economic impact. The total output for FY 2022-23 was a substantial Rs. 4,56,246 crores, generating a value-added component of Rs. 1,75,583 crores. Notably, the sector provided employment to over 9.25 lakh individuals.
To foster innovation and research, the government established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutions are dedicated to advanced research and postgraduate education in various pharmaceutical specializations.
The Department of Pharmaceuticals has also unveiled a national policy aimed at propelling India to the forefront of drug discovery and innovative medical devices. By nurturing an entrepreneurial ecosystem and prioritizing research and development, India aspires to become a global leader in the pharmaceutical industry.
