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Indian Pharma Sector Ranked 3rd Globally, Valued at $50 Billion in FY 2023-24

• By Newsdesk
• New Delhi
• Dec 19, 2024

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India's pharmaceutical industry has cemented its position as the third largest globally by volume, with a valuation of $50 billion for the fiscal year 2023-24, according to Union Minister of State for Chemicals and Fertilizers, Anupriya Patel.

In a written statement to the Rajya Sabha, Patel revealed that domestic consumption accounted for $23.5 billion, while pharmaceutical exports reached $26.5 billion during the same period. Highlighting its global significance, the Indian pharma sector also ranks 14th worldwide in terms of production value, offering a diverse range of products including generic medicines, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics.

Citing the National Accounts Statistics 2024 report from the Ministry of Statistics and Programme Implementation, Patel stated that the total output for pharmaceuticals, medicinal, and botanical products was ₹4.56 lakh crore at constant prices for FY 2022-23. The value added to the economy by this sector stood at ₹1.75 lakh crore, employing over 9.25 lakh individuals during the same period.

To further strengthen the sector, the Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs), designated as institutes of national importance. These institutes focus on postgraduate and doctoral education, along with advanced research across various pharmaceutical disciplines.

Additionally, the Department has introduced a national policy aimed at fostering research, development, and innovation in pharmaceuticals and medical devices. The initiative seeks to create a robust ecosystem for innovation, positioning India as a global leader in drug discovery and the development of cutting-edge medical devices, while nurturing an entrepreneurial spirit in the industry.