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.

Stay tuned for more such updates on Digital Health News.

Stay tuned for more such updates on Digital Health News