New Delhi, Dec 17 (NationPress) India’s pharmaceutical exports have reached $30.47 billion in the fiscal year 2024–25, marking an impressive growth of 9.4 percent compared to the previous year, as reported by Commerce Secretary Rajesh Agrawal on Wednesday.

During the inauguration of a one-day Regional Chintan Shivir dedicated to Pharmaceutical Exports, the Commerce Secretary emphasized that India’s domestic pharmaceutical market is currently valued at around $60 billion.

This market is projected to double to approximately $130 billion by 2030, showcasing the sector's scale, depth, and potential for innovation, he noted.

He also pointed out that India stands as the world’s third-largest pharmaceutical producer by volume and the fourteenth by value, with over 3,000 companies, 10,500 manufacturing units, and more than 60,000 generic brands across 60 therapeutic areas.

Indian medicines are distributed to over 200 markets globally, with more than 60 percent of exports directed to strict regulatory destinations. The United States represents about 34 percent of these exports, while Europe contributes around 19 percent. These strengths, along with India’s reputation as a reliable supplier of quality-assured and affordable medicines, form a robust foundation for the next phase of export growth.

During the Chintan Shivir, discussions were aimed at educating exporters, particularly MSMEs, about India’s evolving international trade and cooperation framework. The focus was also on enhancing industry awareness regarding policies, regulations, and capacity-building initiatives pertinent to pharmaceutical exports.

Topics for discussion included identifying non-tariff barriers and regulatory hurdles, expanding regulatory cooperation, and establishing mutual recognition mechanisms to facilitate quicker and more predictable approvals. Additionally, a strong life sciences innovation ecosystem encompassing research and development, clinical trials, biologics, vaccines, and biosimilars was advocated.

The Commerce Secretary reiterated Prime Minister Narendra Modi’s vision to establish India as a trusted global trade partner, aiming to broaden India’s share in global pharmaceutical trade and thereby ensure wider access to quality and affordable healthcare worldwide.

Participants received updates on recent advancements in India’s international trade framework, including the India–UK Comprehensive Economic and Trade Agreement (CETA) signed on July 24, 2025, and the India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA), which became effective on October 1, 2025.