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New Delhi: The Indian pharmaceutical industry has reinforced its position as a global powerhouse, ranking as the world’s third largest by volume and valued at an impressive $50 billion in the fiscal year 2023-24. This announcement was made by Union Minister of State for Chemicals and Fertilizers, Anupriya Patel, in a written reply to the Rajya Sabha.
The domestic pharmaceutical market’s consumption value stood at $23.5 billion, while exports contributed significantly with a value of $26.5 billion during the same period. India’s pharmaceutical industry is not only notable for its global volume but also ranks 14th in terms of value of production. Its diverse product portfolio includes generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics.
Strong Global Presence and Economic Contribution
Citing data from the National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, Patel highlighted the sector’s substantial economic footprint. The total output of pharmaceuticals, medicinal, and botanical products reached Rs. 4,56,246 crore for FY 2022-23 at constant prices, with a value addition of Rs. 1,75,583 crore. The industry also provided employment to 9,25,811 individuals during the same period.
Focus on Education and Research
The government has taken significant steps to further strengthen the sector’s capabilities. The Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutes are dedicated to postgraduate and doctoral education, along with high-end research across various pharmaceutical specializations.
Boosting Innovation and Ecosystem Development
In its drive to propel India as a leader in drug discovery and innovative medical devices, the Department of Pharmaceuticals has framed a national policy aimed at fostering research, development, and innovation. This policy seeks to create a robust ecosystem that promotes innovation, enabling India to emerge as a global leader in the pharmaceutical sector. The framework also emphasizes nurturing entrepreneurial ventures to enhance the country’s capabilities in developing cutting-edge drugs and medical devices.
Conclusion
India’s pharmaceutical sector continues to play a pivotal role on the global stage, driven by its massive production capacity, diverse product offerings, and significant contributions to both domestic and international markets. With focused government initiatives and a strong emphasis on education and innovation, the industry is poised for even greater achievements in the coming years.
