India's Pharmaceutical Exports Could Hit $350 Billion by 2047: Study

New Delhi, Feb 9 (NationPress) India’s pharmaceutical exports are anticipated to double from about $27 billion in 2023 to $65 billion by 2030, with the potential to reach an impressive $350 billion by 2047, as highlighted in a recent report.

As the largest global supplier of generic drugs, India accounts for one in every five generic medications sold worldwide, though it currently ranks 11th in terms of export value.

The report stresses that by diversifying its export portfolio to include specialty generics, biosimilars, and innovative products, India could secure a spot among the top five nations in export value by 2047. This insight is provided by Bain & Company in collaboration with the Indian Pharmaceutical Alliance (IPA), the Indian Drugs Manufacturers Association (IDMA), and Pharmexcil.

“India has long been known as the pharmacy of the world. Now we aspire to redefine that as ‘India as the healthcare custodian of the world’. The government is dedicated to achieving this vision by promoting innovation, enhancing R&D, and ensuring efficient regulatory frameworks,” stated Piyush Goyal, Union Minister of Commerce and Industry.

“By fostering collaboration among academia, industry, and government, we aim to develop a globally competitive sector that boosts growth and enhances healthcare worldwide,” the minister further elaborated.

According to Sriram Shrinivasan, Partner at Bain & Company, the shift from volume-driven to value-oriented growth is vital for Indian pharma to claim its rightful place in the international market.

“The future of India’s pharmaceutical sector hinges on innovation, particularly the transition towards specialty generics, biosimilars, and novel products. Prioritizing quality, regulation, access to global markets, skilled talent, and entrepreneurial innovation will be crucial,” he noted.

India’s API export market is set to expand from the current $5 billion to an estimated $80-90 billion by 2047.

While current Indian participation in the global biosimilars market is under 5 percent, positive trends are emerging due to increased R&D investments, a growing pipeline of over 40 products, and planned capacity enhancements in the coming 3-4 years.

Currently valued at $0.8 billion, Indian biosimilar exports are projected to increase fivefold to $4.2 billion by 2030, capturing 4 percent of the global market, and likely reaching $30-35 billion by 2047, according to the report.

India’s total pharmaceutical exports, currently at $19 billion, are expected to grow to between $180-190 billion by 2047.

“India has the potential to emerge as a leader in pharmaceutical exports, but strategic interventions are necessary,” remarked Dr. Viranchi Shah, National President of IDMA.