New Delhi, Feb 21 (NationPress) India’s pharmaceutical exports have surged by 9.4% in the fiscal year 2024–25, reaching an impressive $30.47 billion. Looking ahead, the industry is gearing up to achieve double-digit growth by 2026–27, bolstered by robust government support, as stated by the Ministry of Commerce and Industry on Saturday.

The event, themed “Scaling up Pharma Exports,” showcased the government’s commitment to enhancing India’s global presence in the pharmaceutical sector through improved collaboration with industry stakeholders and regulatory bodies.

This initiative is being led under the auspices of Prime Minister Narendra Modi.

Currently, India’s pharmaceutical industry is valued at approximately $60 billion and is expected to escalate to $130 billion by 2030, according to the ministry.

India holds the third position globally in terms of the volume of medicines manufactured and exports its pharmaceutical products to over 200 nations.

A significant portion, over 60%, of these exports is directed towards highly regulated markets. Notably, the United States represents 34% of India’s pharmaceutical exports, while Europe contributes 19%.

In a video address, the Commerce Secretary highlighted the importance of consistent engagement with exporters and manufacturers, along with prompt solutions to challenges encountered in regulated markets.

He reiterated the Prime Minister’s vision of fortifying India’s role as a reliable global trading partner and ensuring that affordable, high-quality medicines from India remain accessible to people worldwide.

The inaugural session featured participation from the Department of Commerce, the Directorate General of Foreign Trade (DGFT), the Central Drugs Standard Control Organisation (CDSCO), and the Food and Drugs Control Administration, along with representatives from the industry.

Discussions centered around streamlining regulatory procedures, enhancing export facilitation, and aligning policies with the forthcoming phase of sectoral growth.

Special emphasis was placed on Micro, Small and Medium Enterprises (MSMEs), which frequently encounter compliance, documentation, and inspection hurdles.

Participants also deliberated on the directions outlined in the Union Budget 2026–27, which prioritizes biopharma and biologics within India’s healthcare and manufacturing strategies.

The proposed Biopharma SHAKTI initiative, with a budget of Rs 10,000 crore over five years, aims to enhance India’s ecosystem for biologics and biosimilars, reduce import reliance, and enable the nation to capture 5% of the global biopharmaceutical market.