Written by : Nikita Saha
December 27, 2024
India, accounting for about 20% of global generic drug sales, aims to position itself as a global hub for high-quality and affordable pharmaceuticals.
The Indian pharmaceutical industry is set to witness transformative growth, leveraging advancements in artificial intelligence (AI), machine learning, and precision medicine to revolutionize drug discovery, manufacturing, and patient care. Industry experts predict the sector will nearly double in size, reaching $130 billion by 2030.
The Indian Pharmaceutical Alliance (IPA) highlighted innovation, global market expansion, and quality enhancement as key drivers for growth. Sudarshan Jain, Secretary General of IPA, said, “The Indian pharma market is expected to move up to $120-130 billion by 2030 from the current size of $58 billion. Initiatives in terms of quality, innovation, and wider global reach will help the Indian pharma sector to realize its potential.”
India, accounting for about 20% of global generic drug sales, aims to position itself as a global hub for high-quality and affordable pharmaceuticals.
AI and emerging technologies are expected to enhance efficiencies across drug discovery and manufacturing processes. “Technological advancements like AI, machine learning, and precision medicine are set to revolutionize drug discovery, manufacturing, and patient care,” said Anil Matai, Director General of the Organisation of Pharmaceutical Producers of India (OPPI).
Matai emphasized the role of strengthened regulatory frameworks in accelerating the adoption of innovative therapies while maintaining patient safety.
Jain also noted the government’s forthcoming Promotion of Research & Innovation Programme, which is expected to spur innovation within the sector. Additionally, Indian pharmaceutical firms are diversifying into specialty portfolios and investing in advanced therapies, such as CAR-T cell therapy, mRNA vaccines, and biosimilars, to capitalize on global market opportunities.
The industry focuses on collaboration between policymakers, academia, and industry stakeholders to address unmet medical needs, particularly in underserved regions.
“A focus on research excellence and innovation will position India as a global hub for high-quality, affordable pharmaceuticals,” Matai added.
Adherence to ethical marketing practices, including the Uniform Code of Pharmaceutical Marketing Practices (UCPMP), is also emphasized to foster trust and transparency.
The healthcare sector is projected to grow significantly, with the hospital market alone expected to reach $194 billion by 2032, according to Fortis Healthcare MD & CEO Ashutosh Raghuvanshi. “The sector is not only expanding but evolving to meet the diverse needs of our population,” he said.
Additionally, the medtech industry is expected to reach $50 billion by FY30, emphasizing R&D and innovation, according to Poly Medicure MD Himanshu Baid. Moreover, the diagnostics sector is projected to grow from $13 billion in FY23 to $25 billion by FY28, fueled by preventive healthcare awareness and technological advancements.
Metropolis Healthcare Executive Chairperson Ameera Shah highlighted genomics, digitalization, and AI as key trends shaping the diagnostics sector, emphasizing the importance of mergers and acquisitions for overcoming industry fragmentation.