India’s Pharma Sector Ranks 3rd Globally; Hits $50 Billion in FY 2023-24: Centre

India’s pharma sector has become the third largest industry globally. Union Minister for Chemicals and Fertilizers Anupriya Patel informed that the pharmaceutical market was valued at $50 billion in FY 2023-24.

In a written reply to the Rajya Sabha, Anupriya Patel stated that the domestic consumption value of the pharmaceuticals market was $23.5 billion, and exports were worth $26.5 billion in FY 2023-24.

India’s Pharma Sector Globally

Talking about the Indian pharmaceutical industry, then it has a strong presence at the international level. It is 14th in terms of value of production with an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics.

Moreover, Anupriya said, “According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry that is, pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores.”

“9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23”, she added.

Apart from this, the MoS also informed that the Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education and Research (NIPERs) as national important institutes.
These institutes impact postgraduate and doctorate education, as well as conduct high-end research in various pharma specialisations.

Furthermore, the department has also framed a national policy to boost research, development, and innovation in medical devices. It has also aimed at creating an ecosystem for innovation in the sector for India to become a leader in drug discovery. And also focussed on forming innovative medical devices through incubating an entrepreneurial environment.

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