Representative image of pharma sector.
Credit: DH photo
New Delhi: India's pharma industry expects to grow 58 per cent to $130 billion in the next five years from its current market value of $55 billion, driven by innovations, increasing exports, and a strong focus on affordability and efficiency, Dr Veeramani, Chairman of Pharmexcil said on Wednesday.
He was speaking at the India's pharma sector's 17th edition of CPHI & PMEC India, a three-day expo currently under way at India Expo Centre Delhi NCR.
"The sector is poised for transformative growth from its current $55 billion to a projected $130 billion by 2030 and $450 billion by 2047. Innovations in biologics, speciality generics, and the impact of policies like the US Biosecure Act underline the industry's potential to redefine healthcare solutions worldwide," he said.
The pharmaceutical industry stands as a global leader, exporting to over 200 countries and providing comprehensive solutions across APIs, finished dosages, clinical research and pharmacovigilance.
The expo has brought together over 2,000 exhibitors and 50,000 visitors from over 120 countries, including the USA, UAE, South Korea, Japan, and the UK.
Yogesh Mudras, Managing Director, Informa Markets in India said the pharmaceutical industry ranks third globally in pharmaceutical production by volume and 14th by value, contributing about 2 per cent to the nation’s GDP.
India is among the top 12 global biotechnology destinations and the third largest in the Asia-Pacific region, he said.
“By 2030, we expect our pharma exports to grow significantly, with 70 per cent directed to Europe and the US. Our industry’s impact is enormous—Indian pharmaceuticals contribute $8 billion annually to the US healthcare system, saving patients over $1.5 trillion. With growing capabilities in AI, machine learning, and biologics, India is poised to become the world's leading pharmaceutical hub, targeting a $1 trillion industry by 2047," Harish K Jain, President, Federation of Pharma Entrepreneurs (FOPE).