<p>Mumbai: India’s pharmaceutical exports are projected to double from approximately $27 billion in 2023 to reach $65 billion by 2030, and can further grow to an estimated $350 billion by 2047, according to a report prepared by multiple organisations. </p><p>While India is the largest supplier of generic drugs globally, accounting for one in five generic drugs sold worldwide, the nation currently ranks 11th in terms of export value. </p><p>By innovating and diversifying its export basket to include specialty generics, biosimilars, and innovative products, the report emphasizes how India can potentially secure a position among the top five nations in export value by 2047.</p>.Turning the clock back on the pharma quality code.<p>These are some of the findings of Bain & Company’s report, ‘Healing the World: Roadmap for Making India a Global Pharma Exports Hub’ created in collaboration with the country’s leading pharmaceutical organizations including Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers Association (IDMA), and Pharmexcil, released today at IDMA’s 63rd Annual Day in Mumbai by Union Minister of Commerce and Industry by Piyush Goyal.</p><p>“India has long been the pharmacy of the world. Now we want to change the narrative to ‘India as the healthcare custodian of the world’. The government is fully committed to achieving this goal by</p><p>fostering innovation, boosting R&D, and ensuring seamless regulatory processes,” said Goyal.</p><p>“By strengthening collaboration between academia, industry, and government, we will continue to build a globally competitive sector that drives growth and contributes to healthcare worldwide,” he added. </p><p>According to Sriram Shrinivasan, Partner, Bain & Company: “The transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market. Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India’s pharmaceutical future.”</p>.Union Budget 2025 | Pharma landscape points toward need to focus on innovation: Economic Survey.<p>With the right focus on quality, regulation, access to global markets, talent, and entrepreneurial innovation, India can rise to be among the top five pharma exporters globally by 2047. India’s evolution from a nascent pharma exporter to achieving 10x growth over the past two decades (~$3 billion to ~$27 billion between CY03-23) is a clear testament to its vast potential.”</p><p>Dr. Viranchi Shah, National President at Indian Drug Manufacturers Association (IDMA) highlighted India’s pharma potential and stated, "India can become one of the leaders in pharma exports, but needs strategic interventions. Bulk drug parks are key to API export growth—India must scale efforts to revive and strengthen its API industry while improving energy supply, waste treatment, and road connectivity. With under 5% penetration of generic formulation exports in NAFTA and Europe, a country-specific export strategy and MRAs to address non-tariff barriers are essential. R&D and innovation must be prioritized through collaborations between industry, government, and academia."</p>
<p>Mumbai: India’s pharmaceutical exports are projected to double from approximately $27 billion in 2023 to reach $65 billion by 2030, and can further grow to an estimated $350 billion by 2047, according to a report prepared by multiple organisations. </p><p>While India is the largest supplier of generic drugs globally, accounting for one in five generic drugs sold worldwide, the nation currently ranks 11th in terms of export value. </p><p>By innovating and diversifying its export basket to include specialty generics, biosimilars, and innovative products, the report emphasizes how India can potentially secure a position among the top five nations in export value by 2047.</p>.Turning the clock back on the pharma quality code.<p>These are some of the findings of Bain & Company’s report, ‘Healing the World: Roadmap for Making India a Global Pharma Exports Hub’ created in collaboration with the country’s leading pharmaceutical organizations including Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers Association (IDMA), and Pharmexcil, released today at IDMA’s 63rd Annual Day in Mumbai by Union Minister of Commerce and Industry by Piyush Goyal.</p><p>“India has long been the pharmacy of the world. Now we want to change the narrative to ‘India as the healthcare custodian of the world’. The government is fully committed to achieving this goal by</p><p>fostering innovation, boosting R&D, and ensuring seamless regulatory processes,” said Goyal.</p><p>“By strengthening collaboration between academia, industry, and government, we will continue to build a globally competitive sector that drives growth and contributes to healthcare worldwide,” he added. </p><p>According to Sriram Shrinivasan, Partner, Bain & Company: “The transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market. Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India’s pharmaceutical future.”</p>.Union Budget 2025 | Pharma landscape points toward need to focus on innovation: Economic Survey.<p>With the right focus on quality, regulation, access to global markets, talent, and entrepreneurial innovation, India can rise to be among the top five pharma exporters globally by 2047. India’s evolution from a nascent pharma exporter to achieving 10x growth over the past two decades (~$3 billion to ~$27 billion between CY03-23) is a clear testament to its vast potential.”</p><p>Dr. Viranchi Shah, National President at Indian Drug Manufacturers Association (IDMA) highlighted India’s pharma potential and stated, "India can become one of the leaders in pharma exports, but needs strategic interventions. Bulk drug parks are key to API export growth—India must scale efforts to revive and strengthen its API industry while improving energy supply, waste treatment, and road connectivity. With under 5% penetration of generic formulation exports in NAFTA and Europe, a country-specific export strategy and MRAs to address non-tariff barriers are essential. R&D and innovation must be prioritized through collaborations between industry, government, and academia."</p>