India Eyes $1 Tn Pharmaceutical Industry by 2047, Strengthens Role as 'Pharmacy of the World'

With exports contributing $27.85 billion, India supplies affordable, high-quality medicines to more than 200 countries.

India’s pharmaceutical industry is on track to become a $1 trillion market by 2047, bolstering its reputation as the "Pharmacy of the World."

Currently valued at $55 billion, the sector is projected to grow to $130 billion by 2030, driven by innovation, affordability, and strong export performance.

The country’s significant role in global COVID-19 vaccine distribution has also earned it the title of "Healers of the World."

With exports contributing $27.85 billion, India supplies affordable, high-quality medicines to more than 200 countries.

At a recent event, Yogesh Mudras, Managing Director of Informa Markets in India, said, “The Indian pharmaceutical industry stands as a pillar of manufacturing excellence, scale, and research-led competitiveness. It now ranks third globally in pharmaceutical production by volume and 14th by value, contributing approximately 1.72% to India’s GDP."

India's competitive edge lies in manufacturing costs that are 30%-35% lower than those in the US and Europe, and R&D expenses that are 87% lower than in developed markets.

These cost advantages, coupled with a skilled labor force, position India as a leader in pharmaceutical production and innovation.

Experts project the industry will reach $450 billion by 2047, with further growth expected as India continues to strengthen its role in the global healthcare supply chain.

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