New Delhi, Feb 9 (IANS) India’s pharmaceutical exports are projected to double from approximately $27 billion in 2023 to reach $65 billion by 2030, and can further grow to an estimated $350 billion by 2047, according to a new report.While India is the largest supplier of generic drugs globally, accounting for one in five generic drugs sold worldwide, the nation currently ranks 11th in terms of export value.
By innovating and diversifying its export basket to include specialty generics, biosimilars, and innovative products, the report emphasizes how India can potentially secure a position among the top five nations in export value by 2047, according to the report by Bain & Company in collaboration with the Indian Pharmaceutical (TADAWUL:2070) Alliance (IPA), Indian Drugs Manufacturers Association (IDMA) and Pharmexcil.
“India has long been the pharmacy of the world. Now we want to change the narrative to ‘India as the healthcare custodian of the world’. The government is fully committed to achieving this goal by fostering innovation, boosting R&D, and ensuring seamless regulatory processes,” said Piyush Goyal, Union Minister of Commerce and Industry.
By strengthening collaboration between academia, industry, and government, we will continue to build a globally competitive sector that drives growth and contributes to healthcare worldwide,” the minister added.
According to Sriram Shrinivasan, Partner, Bain & Company , the transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market.
“Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India’s pharmaceutical future. With the right focus on quality, regulation, access to global markets, talent, and entrepreneurial innovation,” he mentioned.
India’s API export market is projected to grow from $5 billion currently to $80-90 billion by 2047.
While Indian players currently hold less than 5 per cent of the global biosimilars market, green shoots are visible, driven by increasing R&D investments, an expanded pipeline of 40+ products and planned capacity addition over the next 3-4 years.
Indian biosimilar exports, currently valued at $0.8 billion, are projected to grow 5x to $4.2 billion by 2030, capturing 4 per cent of the global market, and reach $30-35 billion by 2047, the report said.
India’s pharma exports at 70 per cent and valued at $19 billion, are projected to grow to $180-190 billion by 2047.
“India can become one of the leaders in pharma exports, but needs strategic interventions,” said Dr. Viranchi Shah, National President at IDMA.
—IANS