India’s pharmaceutical exports are projected to double to $65 billion by 2030 and reach $350 billion by 2047, according to a new report by Bain & Company. This growth is expected to propel India into the top five pharma exporting nations globally.
India currently leads in generic drug supply, contributing 20% of global generic sales. However, it ranks 11th in terms of export value, the report noted.
Diversification for Value-Led Growth
The report, titled “Healing the World: Roadmap for Making India a Global Pharma Exports Hub,” was prepared in collaboration with the Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers’ Association (IDMA), and Pharmexcil. It highlights that India must shift from volume-based to value-driven growth by focusing on:
- Specialty generics
- Biosimilars
- Innovative pharmaceutical products
“Innovation is crucial for India to secure its place in the global market,” said Sriram Shrinivasan, Partner at Bain & Company. He emphasized the importance of quality, regulatory compliance, and global market access in driving future growth.
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Strategic Interventions Needed
Viranchi Shah, National President of IDMA, underscored the need for strategic measures to strengthen India’s active pharmaceutical ingredient (API) industry. “Bulk drug parks are key to boosting API exports,” he said, urging improvements in infrastructure, energy supply, and waste management to support the sector’s growth.
Sudarshan Jain, Secretary General of the IPA, emphasized the importance of the pharma sector in India’s economic ambitions. “Pharmaceutical exports currently make up 6% of India’s total merchandise exports. To achieve the $30-35 trillion economy goal by 2047, the industry must excel across all fronts,” Jain said.
Focus on Key Industry Segments
The report predicts substantial growth for industry segments like APIs, biosimilars, and generic formulations. It also stresses that collaboration between the government and private sector is critical to boosting global competitiveness.
With a focus on innovation, infrastructure, and strategic planning, India’s pharmaceutical industry is poised to play a pivotal role in the country’s long-term economic development and export growth.
