India’s pharmaceutical industry is recognized as the third-largest globally by volume and was valued at $50 billion in the financial year 2023-24, according to Union Minister of State for Chemicals and Fertilizers Anupriya Patel.

In a written response to the Rajya Sabha, Patel said that the domestic pharmaceutical market was valued at $23.5 billion, with the exports contributing $26.5 billion in the financial year 2023-24.

The Indian pharmaceutical industry holds a strong global presence and ranks 14th in terms of production value. It boasts a highly diversified product portfolio, including generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics.

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

The minister also highlighted that the Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutions offer postgraduate and doctoral programs and conduct advanced research in various pharmaceutical specializations.

Additionally, the department has formulated a national policy aimed at fostering research, development, and innovation in the pharmaceutical and medical devices sectors.

The policy seeks to create a robust ecosystem for innovation, enabling India to become a global leader in drug discovery and the development of innovative medical devices by nurturing an entrepreneurial environment.