India’s Pharma Industry Set to Reach $130 Bn by 2030: Report

The Indian pharma market, currently valued at around $55 billion, is expected to expand 2.2 to 2.4 times over the next six years, reaching between $120 billion and $130 billion.

India’s pharmaceutical industry is projected to grow significantly, with its share in the global market expected to reach 5% by 2030, according to a report by Bain & Company.

The Indian pharma market, currently valued at around $55 billion, is expected to expand 2.2 to 2.4 times over the next six years, reaching between $120 billion and $130 billion.

The report states, "The Indian pharma market, currently valued at USD 55 billion, is expected to reach USD 120 billion to USD 130 billion by 2030 and to approach USD 450 billion by 2047."

Globally, the pharmaceutical industry is valued at approximately $1.6 trillion, with India contributing 3% to 3.5%. The anticipated growth will strengthen India's position in the sector.

India’s pharmaceutical exports play a key role in its economy, accounting for 6% of total merchandise exports by value. In 2023, pharmaceutical exports reached $27 billion, up from $19 billion in 2018, growing at an annual rate of 8%.

The report highlights that more than 70% of these exports are formulations, while bulk drugs and drug intermediates contribute around 20%. Other categories include vaccines, biosimilars, and innovative products such as New Chemical Entities (NCEs) and New Biological Entities (NBEs).

India has established itself as a major pharmaceutical hub with over 10,000 manufacturing facilities, 3,000 pharmaceutical companies, and 650 US FDA-compliant plants—the highest number outside the United States. It remains the world’s largest supplier of generic medicines, providing 50% of Africa’s generic drug demand and 40% of the United States' requirements.

Despite its leadership in volume, India's pharmaceutical exports lag in value terms.

The report notes, "Indian pharmaceutical exports rank 11 on the list globally in value terms, accounting for 3 per cent of total pharmaceutical exports."

With strong domestic demand, growing global exports, and increasing investment in innovation, India's pharmaceutical sector is on track for substantial expansion in the coming years.

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