India's pharmaceutical exports set for 10x growth, targeting Rs. 30,76.500 crore (US$ 350 billion) by 2047
- IBEF
- February 10, 2025
India's pharmaceutical industry is projected to experience substantial growth, with exports expected to reach Rs. 30,76,500 crore (US$ 350 billion) by 2047, a 10-15 times increase from current levels. As a global leader in generic drug supply, India plans to expand the value chain by focusing on specialty generics, biosimilars, and innovative pharmaceutical products. The country’s pharmaceutical exports are anticipated to grow from approximately Rs. 2,37,330 crore (US$ 27 billion) in 2023 to Rs. 5,71,350 crore (US$ 65 billion) by 2030, with a target of Rs. 30,76,500 crore (US$ 350 billion) by 2047. This growth will rely on transitioning from a volume-based to a value-driven strategy, particularly in Active Pharmaceutical Ingredients (APIs), biosimilars, and generic formulations.
The Bain & Company report highlights key areas for growth, including API exports, which are projected to rise from Rs. 43,950 crore (US$ 5 billion) to Rs. 7,03,200 – 7,91,100 crore (US$ 80-90 billion) by 2047, and biosimilar exports, expected to increase fivefold to Rs. 2,63,700 – 3,07,650 crore (US$ 30-35 billion) by the same year. India’s generic formulations, the largest component of pharmaceutical exports, are expected to reach Rs. 15,82,200 – 16,70,100 crore (US$ 180-190 billion) by 2047, with a greater emphasis on specialty generics. The report also emphasizes the need for targeted policy measures, increased research and development, and stronger collaboration between the government and private sectors to support this growth. Investments in contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs) are also expected to contribute to India's rising pharmaceutical exports.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
