India's Pharmaceutical Industry Ranks 3rd Globally, Valued at $50 Billion for FY 2023-24: Government

New Delhi, Dec 19 (NationPress) The pharmaceutical sector in India is recognized as the third largest globally by volume. For the fiscal year 2023-24, the value of the pharmaceutical market has reached $50 billion, as reported by Union Minister of State for Chemicals and Fertilizers, Anupriya Patel.

In a formal response to the Rajya Sabha, Patel indicated that the domestic consumption value of the pharmaceutical market for FY 2023-24 stood at $23.5 billion, while exports reached $26.5 billion.

The Indian pharmaceutical industry boasts a significant global footprint, ranking 14th in production value and offering a highly diversified range of products that includes generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics.

According to the National Accounts Statistics 2024, released by the Ministry of Statistics and Programme Implementation, the total output for the pharmaceutical, medicinal, and botanical products sector was ₹4,56,246 crores for FY 2022-23 at constant prices, with a value-added figure of ₹1,75,583 crores. A total of 9,25,811 individuals were employed in the pharmaceuticals, medicinal, and botanical products industry during FY 2022-23,” Patel noted.

Additionally, the Minister mentioned that the Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutions of national importance. These institutes provide postgraduate and doctoral education, alongside conducting advanced research in various pharmaceutical specializations.

Furthermore, the Department has introduced a national policy aimed at enhancing research, development, and innovation in pharmaceuticals and medical devices.

This initiative is designed to foster an ecosystem for innovation within the sector, positioning India as a leader in drug discovery and innovative medical devices through the cultivation of an entrepreneurial environment.