India's Pharma Industry: From Volume to Value

India's pharmaceutical sector is advancing from a volume-centric to a value-driven model, focusing on complex generics and biosimilars. With growing exports and innovations in medical devices, the industry aims to reduce import reliance via advanced manufacturing technologies and improve international market access.

India's pharmaceutical industry is undergoing a transformation, transitioning from a focus on sheer volume to a more value-driven approach, as highlighted in the Economic Survey 2025-26. The industry, the third-largest by volume globally, plays a crucial role in meeting 20 percent of the world's generics demand, exporting to 191 countries in FY25.

With an annual turnover reaching Rs 4.72 lakh crore and exports growing at a CAGR of 7 percent over the last decade, the sector is emphasizing complex generics, biosimilars, and innovation. Ranking 11th in global pharmaceutical exports by value, India has expanded its medical device exports significantly, although further expansion potential remains substantial.

India's leadership extends beyond generics; it's a major supplier of low-cost vaccines worldwide. Simultaneously, the medical devices sector is evolving, increasingly manufacturing sophisticated equipment. To advance further, the industry is adopting advanced manufacturing technologies like AI and 3D printing, crucial in reducing import reliance and easing global certification processes.