India’s pharmaceutical industry is poised for significant growth, with projections indicating that its market size will expand 2.2 to 2.4 times over the next six years, India’s Pharmaceutical Market Set to Reach $130 Billion by 2030. This growth is expected to increase India’s share in the global pharmaceutical market to 5% by 2030, up from the current 3% to 3.5%.
A notable characteristic of India’s pharmaceutical sector is the equal prominence of its export and domestic markets. In 2023, pharmaceutical exports reached USD 27 billion, accounting for 6% of the country’s total merchandise exports. Formulations constitute more than 70% of these exports, while bulk drugs and intermediates make up around 20%. Other export categories include vaccines, biosimilars, and innovative products such as New Chemical Entities (NCEs) and New Biological Entities (NBEs).
India has established itself as a global pharmaceutical hub, housing over 10,000 manufacturing facilities, 3,000 pharmaceutical companies, and 650 US-FDA-compliant plants—the highest number outside the United States. It is the world’s largest supplier of generic medicines, providing one in every five generic drugs sold globally. Indian pharmaceutical products reach nearly 200 countries, supplying around 50% of Africa’s demand for generics and 40% of the United States’ generic medicine needs. This capability to produce high-quality, low-cost medicines has earned India the title of the “pharmacy of the world.”
Despite its leadership in volume, India ranks 11th globally in pharmaceutical export value, accounting for 3% of total pharmaceutical exports. However, with strong domestic demand, increasing global exports, and advancements in pharmaceutical innovation, India’s pharma industry is on track for remarkable expansion in the coming years. India’s Pharmaceutical Market Set to Reach $130 Billion by 2030.
