India's Pharma Sector Poised for Massive Growth by 2030

The Economic Survey 2023-24 highlights the need for skill advancement, innovation, and a robust supply chain in India's pharmaceutical industry. Valued at USD 50 billion, the market is expected to reach USD 130 billion by 2030, driven by cost-effective generic drug production and increased biopharmaceutical capabilities.

The domestic pharmaceutical industry, as outlined in the Economic Survey 2023-24 presented in Parliament, requires significant skill advancement, innovation, and a strong supply chain. By 2030, the sector's size is projected to hit USD 130 billion.

Currently valued at around USD 50 billion, the Indian pharmaceutical market is the third-largest globally by volume. The survey emphasized that future growth hinges on technological advancements and robust supply chain establishments.

India is a leading producer of generic drugs, offering cost-effective and efficient solutions for off-patent medications. This has positioned the country as a pivotal player in providing affordable healthcare solutions worldwide.

However, innovation is crucial for further sectoral growth. The survey highlighted the importance of developing new drugs to address unmet health concerns, thereby enhancing healthcare access and ensuring better investment returns.

The Economic Survey also underscored the necessity of bolstering biopharmaceutical manufacturing capabilities to sustain export growth, despite ongoing challenges in domestic infrastructure and R&D.

(With inputs from agencies.)