India’s Pharma Industry Ranks 3rd Globally, Valued at $50 Billion

India's pharmaceutical industry is the third-largest in the world by volume, with the market valued at $50 billion in FY 2023-24, according to Union Minister of State for Chemicals and Fertilizers, Anupriya Patel.

In a written reply to the Rajya Sabha, Patel revealed that the domestic consumption of pharmaceuticals stood at $23.5 billion, while exports were valued at $26.5 billion.

The Indian pharma sector has a strong global presence, ranking 14th in terms of production value, with a diverse range of products including generic drugs, vaccines, biosimilars, and biologics.

According to the National Accounts Statistics 2024, the pharmaceutical industry's total output for FY 2022-23 was Rs. 4,56,246 crores, with a value-added component of Rs. 1,75,583 crores. The sector employed over 9.25 lakh people during the same period.

Additionally, Patel highlighted the establishment of seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutes focus on postgraduate and doctoral education while conducting advanced research in various pharmaceutical specializations.

The Department of Pharmaceuticals has also introduced a national policy aimed at boosting research, development, and innovation in pharmaceuticals and medical devices, fostering an entrepreneurial ecosystem for India to become a global leader in drug discovery and innovative medical devices.

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