Key facts
- India's Department of Commerce hosted an outreach program in Mumbai to discuss pharmaceutical sector growth.
- The government aims to transition the sector from volume-led to value-led exports.
- India's pharmaceutical sector revenue is projected to reach $130 billion by 2030.
- Pharmaceutical exports are targeted to reach $50 billion by 2030.
- India is the third-largest producer of pharmaceuticals by volume and supplies 20% of global generic medicines.
- The Biopharma SHAKTI initiative proposes ₹10,000 crore over five years to boost biopharmaceutical manufacturing.
- New trade agreements with countries like the UAE, Australia, and the EU are expected to enhance market access.
The Department of Commerce, Government of India, organized an outreach program in Mumbai to highlight its achievements, reforms, and policy initiatives aimed at fostering growth in the pharmaceutical sector. The event, attended by representatives from key industry associations and companies, focused on strengthening India's position as a global pharmaceutical supplier.
Mohit Yadav, Joint Secretary at the Department of Commerce, stated that the government is collaborating with the industry to enhance export capabilities and shift from volume-led to value-led exports. He emphasized that India, widely recognized as the "Pharmacy of the World," has seen its pharmaceutical sector revenue grow significantly, from approximately $20 billion in 2014 to an expected $60 billion in 2026, with a target of $130 billion by 2030. Pharmaceutical exports have also seen substantial growth, projected to reach $50 billion by 2030.
India's competitive edge lies in its affordability, quality, and dependable supply chain, making it a crucial provider of generic medicines globally. The country is the third-largest producer by volume, meeting about 20% of the world's demand for generic drugs and exporting to over 200 countries, with more than 60% going to highly regulated markets. India's strong regulatory compliance, including nearly 1,000 US FDA-registered sites, underscores its commitment to quality.
Maharashtra, with its manufacturing and research clusters in cities like Mumbai and Pune, plays a vital role in the sector's success, employing over 200,000 individuals. Industry stakeholders commended various digital initiatives and support measures designed to improve export processes and market access.
The government also highlighted the proposed Biopharma SHAKTI initiative, with an outlay of ₹10,000 crore over five years, to establish India as a leading biopharmaceutical manufacturing hub. This initiative aims to foster domestic production of biologics and biosimilars, enhance R&D, and improve global competitiveness.
Furthermore, India's ongoing trade agreement negotiations and engagements with partners such as the UAE, Australia, the UK, and the EU are expected to create new market access opportunities and facilitate collaboration in life sciences and advanced health technologies.