New Delhi, November 28, 2024: India is positioning itself to become the “Pharmacy of the World” by capitalizing on its robust pharmaceutical industry, which is the third-largest globally. The sector has experienced immense growth, driven by an expansive manufacturing base, a skilled workforce, and a significant share of the global market for generic drugs and vaccines. With over 3,000 pharmaceutical companies and more than 10,500 manufacturing facilities, India is a leader in supplying affordable, high-quality medicines worldwide, including to highly regulated markets like the U.S., Europe, and Japan.
By 2047, India aims to expand its pharmaceutical sector into a $1 trillion industry, leveraging its dominance in generic drugs, Active Pharmaceutical Ingredients (APIs), and vaccines. The country’s vaccine market, which accounts for 62% of global demand, along with its extensive network of U.S.-FDA-compliant plants, positions it as a key global supplier. The Indian pharmaceutical industry is expected to grow at a compound annual growth rate of 11-12%, with projections reaching $120-130 billion by 2030.
India’s pharmaceutical sector also demonstrated its resilience and global leadership during the COVID-19 pandemic, supplying critical medicines like hydroxychloroquine and paracetamol to over 100 nations. This reinforced its reputation as the Pharmacy of the World. With growing domestic and global demand, supported by government initiatives and investment opportunities, India’s pharmaceutical future appears poised for continued expansion.
