Indian pharmaceutical industry to exceed USD 130 billion by 2030

India's pharmaceutical industry is on track to surpass $130 billion by 2030, driven by expanding market opportunities and increased demand in overseas markets, according to industry experts. The industry, which was valued at over $50 billion in the 2022-23 fiscal year, has been witnessing significant growth.

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Export growth and global demand

The Chairman of the Pharmaceuticals Export Promotion Council of India (PharmExcil), Veeramani S V, highlighted the industry's impressive growth trajectory, with an 8% year-to-date increase in exports and a notable 29% surge in October alone. This growth is attributed to expanding market opportunities, particularly in the United States, as well as critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive.

Domestic market growth

Veeramani also noted the robust growth of the domestic market, which has exceeded 10%. With this momentum, he expressed confidence in reaching the $130 billion mark by 2030. These figures were shared during the inauguration of the 16th edition of CPHI & PMEC India Expo, a prominent pharmaceutical B2B event held in Greater Noida.

Regulatory reforms and innovation

The event's organizers, Informa Markets, highlighted that this edition has attracted over 50,000 visitors from across the globe, with more than 1,500 exhibitors showcasing over 10,000 products and representation from over 80 countries. Anil Matai, Director General of the Organisation of Pharmaceutical Producers of India (OPPI), acknowledged the potential for sustained growth but emphasized the need for regulatory reforms to foster industry growth, address patient needs, and promote disruptive innovation, lessons learned from the pandemic.

Driving innovation and self-sufficiency

Eshwar Reddy, Executive Director of the Bulk Drug Manufacturing Association (BDMA), highlighted the 2023 CPHI Pharma Index score of 7.187, which underscores the industry's drive for innovation and self-sufficiency. He emphasized the importance of such events as crucial platforms to showcase advancements, foster collaborations, and drive growth.

India's pharmaceutical prowess

Yogesh Mudras, Managing Director of Informa Markets in India, commended India's pharmaceutical prowess, contributing a significant 20% to global exports and achieving an impressive $25.3 billion (Rs 2.1 lakh crores) in the 2022-2023 fiscal year. He attributed this growth to robust R&D investments from both domestic and international players, driving innovation and propelling market expansion.

Notable exhibitors and industry presence

Among the notable exhibitors at the industry event are Dr. Reddy's Laboratories Ltd, Biocon Ltd, Glenmark Lifesciences Ltd, Piramal Pharma Solutions, Hetero Labs Limited, ACG, IMA Industria Macchine Automatiche SPA, Fette Compacting Machinery India Pvt Ltd, Supriya Lifescience Ltd, and Ace Technologies & Packaging Systems Pvt Ltd. Their presence showcases the diverse range of capabilities and expertise within the Indian pharmaceutical industry.

India's pharmaceutical industry is poised for substantial growth in the coming years, driven by expanding market opportunities, heightened demand in overseas markets, and a strong domestic market. With a focus on innovation, regulatory reforms, and fostering collaborations, the industry is well-positioned to achieve its ambitious目標.