India’s Pharmaceutical Market Grows Three-fold To USD 60 Billion In 12 Years

Mumbai, Jun 11 (KNN) India’s pharmaceutical industry has grown into a strategic global sector, with exports and overall market size witnessing strong expansion over the past 12 years, the Department of Commerce said during an outreach programme held in Mumbai.

Pharma Sector Emerges As A Key Export Pillar 

The programme, organised at the Regional Office of Pharmexcil, was attended by representatives from industry bodies including the Indian Drug Manufacturers’ Association, Indian Pharmaceutical Alliance and International Pharmaceutical Excipients Council of India, along with industry participants.

Speaking on the occasion, Joint Secretary, Department of Commerce, Mohit Yadav said India’s export growth is being driven by market diversification and stronger trade partnerships, with a focus on shifting from volume-based exports to value-added products, reported the Economic Times.

He noted that the pharmaceutical sector has emerged as a key pillar of India’s export economy and national capability, with India earning global recognition as the ‘Pharmacy of the World’ due to its scale, affordability and supply reliability.

Strong Expansion In Industry Size And Exports 

According to official data shared at the event, India’s pharmaceutical sector has expanded from about USD 20 billion in 2014 to nearly USD 60 billion in 2026 and is projected to reach USD 130 billion by 2030. 

Pharmaceutical exports have also grown from around USD 14 billion in FY15 to about USD 31 billion in FY26, registering steady annual growth, with a target of USD 50 billion by 2030.

Global Demand Driven By Quality And Scale 

India currently supplies around 20 percent of global generic medicines demand and exports pharmaceutical products to more than 200 countries. More than 60 percent of exports are directed to highly regulated markets, reflecting strong global acceptance of Indian quality standards.

Officials highlighted India’s strong regulatory presence, including around 1,000 US FDA-registered manufacturing sites, the highest outside the United States. The sector’s resilience during the COVID-19 pandemic and other global disruptions was also cited as a key strength.

Maharashtra was identified as a major pharmaceutical hub, with clusters in Mumbai, Pune, Chhatrapati Sambhajinagar and Tarapur playing a key role in manufacturing, research and exports. The state’s pharma sector employs over 2 lakh people.

Digitisation, Innovation and Trade Agreements

Industry stakeholders also acknowledged recent government initiatives, including digital systems for registration and export certification, trade facilitation platforms, and export promotion measures aimed at improving ease of doing business and market access.

The Joint Secretary also highlighted the proposed ‘Biopharma SHAKTI’ initiative, with an outlay of Rs 10,000 crore over five years, aimed at strengthening India’s biopharmaceutical ecosystem, boosting domestic production of biologics and biosimilars, and enhancing R&D and clinical trial infrastructure.

He said India’s ongoing trade agreements with partners including the UAE, Australia, the UK, the EU, EFTA countries, Oman and New Zealand are expected to further expand market access and investment opportunities for the sector.

(KNN Bureau)