India's Pharma Sector: Pioneering Innovation Amidst R&D Challenges

The Economic Survey 2024-25 highlights the need for innovation in the Indian pharmaceutical industry, emphasizing new drug development and biopharmaceuticals. Although the sector's growth remains strong, R&D investment still trails global leaders. Government initiatives like the PLI scheme aim to reduce import dependence and boost self-reliance.

The Economic Survey 2024-25, unveiled in Parliament, underscores a pivotal focus on innovation within India's pharmaceutical industry, urging enhanced efforts in new drug development and biopharmaceuticals as current R&D investment lags behind international counterparts.

In FY24, the pharmaceutical sector achieved a total turnover of Rs 4.17 lakh crore, marking a 10.1% annual growth rate over five years, with exports constituting a substantial 50% of this turnover at Rs 2.19 lakh crore.

Government measures, including the PLI scheme, aim at self-reliance and reducing import dependency in critical drug components, as further advancements include India's first indigenous CAR-T cell therapy and trial waivers for internationally approved drugs.

(With inputs from agencies.)