India’s pharmaceutical industry holds a prominent position globally, ranking as the third-largest by volume, and is valued at $50 billion for the 2023-24 financial year, worth $23.5 billion, while exports contribute $26.5 billion. This sector ranks 14th in production value worldwide and encompasses a diverse range of products.
India's pharmaceutical industry, the third largest globally by volume, has been valued at $50 billion in FY 2023-24, according to Union Minister of State for Chemicals and Fertilizers Anupriya Patel. The domestic consumption value of the pharmaceutical market was $23.5 billion, while exports were valued at $26.5 billion. The industry's strong global presence is further highlighted by its 14th position in terms of production value, with a diversified product base that includes generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics.
The Ministry of Statistics and Programme Implementation's National Accounts Statistics 2024 revealed that the total output for the pharmaceuticals, medicinal, and botanical products industry was Rs. 4,56,246 crores for FY 2022-23 at constant prices, with a value addition of Rs. 1,75,583 crores. The industry employed 9,25,811 individuals during the same fiscal year.
The Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutes offer postgraduate and doctorate education and conduct high-end research in various pharma specialisations.
The Modi government's Digital India program, launched in 2015, has propelled the nation forward with pioneering programs like Aadhaar, UPI, eSign, and Government e Marketplace. These initiatives have revolutionized India, even among its impoverished and low-literate population. The government's role in creating a tech-first India is paramount, with the India Stack, an open API-based public IT infrastructure supporting thousands of public and private applications, enabling India to outpace even the most developed countries.
The IndiaAI Mission, approved in March 2024 with a budget of Rs 10,371 crores (approximately $1.2 billion), marks a significant proactive step in India's digital journey. It covers extensive ground under its seven pillars: developing a 10,000 graphics processing units (GPU) compute capacity in public-private partnership; development of indigenous domain-specific large multimodal models; the establishment of a unified data platform; funding to industry for the development of AI applications; development of human resource in AI skills; deep tech AI funding to startups; and promoting safe and ethical AI.
The Japanese government, on the other hand, has launched the Startup Development Five-Year Plan in 2022, aiming to increase startup investment tenfold by 2027 through public-private partnerships. The ambitious goals of the plan include creating 100 unicorns, establishing 100,000 startups, and transforming Japan into the largest startup hub in Asia and one of the world's leading clusters of startups.
In India, the PLI scheme is a result of wide-ranging deliberations on India's dependence on critical resources, risk to supply chain bottlenecks and the Industry's global competitiveness. The scheme will promote industry-academia linkages by promoting collaboration between private sector and government institutes.
The number of startups incubated, the number of jobs created, the amount of investment raised by the startups, and the success rate of the startups can all be used to gauge how well a bioincubator is performing. Bioincubators in India have played a significant role in generating employment opportunities. There are two types of jobs generated by bioincubators in India: direct employment and indirect employment. Jobs created by incubated startups, such as those for scientists, engineers, technicians, and administrative personnel, are included in direct employment. Jobs created by the vendors, suppliers, and service providers who work with these startups are considered to be indirect employment.
Key Products and Offerings
The Indian pharmaceutical industry produces various products. These include generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics. The extensive product range caters to both domestic and international markets.
The pharmaceutical sector contributes to the economy. In FY 2022-23, it produced ₹4,56,246 crores, with a value addition of ₹1,75,583 crores. This industry employed approximately 9,25,811 individuals, denoting its role as a major job provider.
Educational Initiatives
The Department of Pharmaceuticals established seven National Institutes of Pharmaceutical Education and Research (NIPERs). These institutes are recognised as institutions of national importance. They offer postgraduate and doctoral programmes, focusing on advanced research in various pharmaceutical fields.
Research and Development Policies
A national policy has been introduced to promote research, development, and innovation in the pharmaceutical and medical devices sectors. This policy aims to create a robust ecosystem for innovation. It seeks to position India as a leader in drug discovery and medical device development.
The Indian pharmaceutical industry aspires to enhance its global presence further. By encouraging an entrepreneurial environment, the sector aims to encourage innovation and improve the quality of healthcare products. The focus is on building a sustainable and competitive industry for the future.
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