NEW DELHI, Dec 19: India’s pharmaceutical industry has been recognized as the third-largest globally by volume, with a market value of $50 billion for the financial year 2023-24, according to Union Minister of State for Chemicals and Fertilizers, Anupriya Patel. In a written response to the Rajya Sabha, Patel shared that the domestic pharmaceutical market was valued at $23.5 billion, with exports contributing $26.5 billion during the same period.
The Indian pharmaceutical sector holds a significant global presence, ranking 14th in terms of production value. It boasts a highly diversified product portfolio, which includes generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics.
Patel also referenced the National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, which reported that the total output of the pharmaceutical, medicinal, and botanical products industry for FY 2022-23 was ₹4,56,246 crores at constant prices, with a value addition of ₹1,75,583 crores. The sector employed 9,25,811 individuals during the same period.
The Department of Pharmaceuticals has been proactive in fostering growth, establishing seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutions offer postgraduate and doctoral programs while conducting advanced research in various pharmaceutical specializations.
Additionally, the department has formulated a national policy aimed at encouraging research, development, and innovation in the pharmaceutical and medical devices sectors. The policy’s objective is to create a robust ecosystem for innovation, helping India to become a global leader in drug discovery and the development of innovative medical devices, while nurturing an entrepreneurial environment.
