The Indian pharma industry has established itself as a key driver of knowledge for the nation’s economy. With this, the industry is estimated to be US$58 billion, with equal contributions from exports and the domestic market.
Indian pharma is a manufacturing hub of the world with a 20% contribution to global generics sales. With this year ending, there has been robust sustainable growth and a thrust on simplifying regulations and harmonisation with global standards.
Sustainable Growth & Policy Reforms in 2024
The year 2024 has proven to be a turning point for the Indian pharma sector. Building on its strong foundation, the industry has focused on achieving sustainable growth. A key aspect of this growth has been the government’s efforts to simplify regulations and align with global standards.
Notably, the Production Linked Incentive (PLI) schemes have already begun showing positive results, with new green-field projects for the production of Penicillin G and Clavulanic acid, among others. This is vital for enhancing healthcare security and ensuring a diversified supply chain.
Fostering Innovation And R&D Investment
Looking ahead, innovation will continue to be a central theme in India’s pharmaceutical growth. The government is expected to soon announce the operational details of its Promotion of Research & Innovation Programme.
It is designed to spur innovation across the sector. Companies are increasingly focusing on speciality portfolios and diversifying into high-value drugs. Products such as Nafithromycin and Saroglitazar are set to lead the charge in India’s research wave, with government-led committees dedicated to streamlining regulatory reforms that will create a more conducive environment for R&D.
Looking ahead, the Indian pharmaceutical market is expected to grow significantly, with projections indicating it will reach US$120-130 billion by 2030, up from the current size of US$58 billion.
The continued focus on quality, innovation, and expanding global reach will help India’s pharmaceutical sector unlock its full potential. With favourable policies, India is set to play a pivotal role in advancing global healthcare for years to come.
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