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New Delhi: India’s pharmaceutical exports are poised for significant growth, with projections suggesting an increase from approximately $27 billion in 2023 to $65 billion by 2030. The long-term outlook indicates a potential surge to an estimated $350 billion by 2047, according to a recent report by Bain & Company in collaboration with the Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers Association (IDMA), and Pharmexcil.
India, currently the largest supplier of generic drugs globally, accounts for one in five generic drugs sold worldwide. However, it ranks 11th in terms of export value. The report highlights that by diversifying its export portfolio to include specialty generics, biosimilars, and innovative pharmaceutical products, India could secure a position among the top five exporters by 2047.
Union Minister of Commerce and Industry, Piyush Goyal, emphasized the government’s commitment to transforming India’s pharmaceutical industry. “India has long been known as the pharmacy of the world. Now we want to shift the narrative to ‘India as the healthcare custodian of the world.’ The government is focused on fostering innovation, boosting R&D, and ensuring seamless regulatory processes to achieve this goal,” he said.
The transition from volume-based growth to value-led expansion is crucial for India’s pharmaceutical sector to establish a stronger global presence. Sriram Shrinivasan, Partner at Bain & Company, stated, “Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India’s pharmaceutical future. With the right focus on quality, regulation, access to global markets, talent, and entrepreneurial innovation, India can secure its rightful place in the global pharma market.”
The report further projects substantial growth in India’s Active Pharmaceutical Ingredients (API) export market, which is expected to expand from $5 billion at present to $80-90 billion by 2047. Meanwhile, biosimilar exports, currently valued at $0.8 billion, are anticipated to grow fivefold to $4.2 billion by 2030 and further increase to $30-35 billion by 2047.
India’s pharmaceutical exports, which currently contribute 70% of total pharma output and are valued at $19 billion, are projected to grow to $180-190 billion by 2047. “India can become one of the global leaders in pharmaceutical exports, but strategic interventions are necessary to unlock this potential,” said Dr. Viranchi Shah, National President at IDMA.
Disclaimer: The projections and figures mentioned in this article are based on industry reports and expert opinions. Actual outcomes may vary depending on economic conditions, policy changes, and global market dynamics.
