Daijiworld Media Network - New Delhi
New Delhi, May 19: India’s pharmaceutical industry, the world’s leading supplier of affordable generic medicines, is set to grow at a robust 7.8% year-on-year in April 2025, driven by rising global demand and the launch of new products, according to India Ratings.
Ranked third globally in production volume and 14th in value, the Indian pharma sector supplies nearly 20% of the world’s medicines. In 2023–24, the industry’s turnover reached Rs 4.17 lakh crore, maintaining an annual growth rate of over 10% for the past five years.
“For the common man, this means more medicines at lower prices, better healthcare, and job creation across the country—from small towns to major cities,” a government official said.
India is also a vital player in the global vaccine market, supplying over half of UNICEF’s vaccines and meeting the bulk of global demand for critical immunizations like DPT, BCG, and measles. Indian vaccines are used worldwide, saving millions of lives while simultaneously generating employment for Indian workers and scientists.
Foreign investment in the sector has surged, with Rs 12,822 crore recorded in 2023–24. The government’s open investment policy—allowing 100% FDI in greenfield pharma and medical device projects—has positioned India as a preferred destination for global pharmaceutical companies.
Flagship schemes have further accelerated growth. The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) has established 15,479 outlets offering generic medicines at prices up to 80% lower than branded alternatives, drastically improving affordability.
The Production Linked Incentive (PLI) Scheme, with allocations of Rs 15,000 crore for pharmaceuticals and ?6,940 crore for raw materials like Penicillin G, supports 55 high-value drug manufacturing projects. A separate Rs 3,420 crore PLI for medical devices is boosting domestic production of advanced equipment like MRI machines and cardiac implants.
Additional initiatives such as the Promotion of Bulk Drug Parks (Rs 3,000 crore) in Gujarat, Himachal Pradesh, and Andhra Pradesh, and the Strengthening of Pharmaceuticals Industry (SPI) Scheme (Rs 500 crore), are aimed at creating large-scale, cost-effective manufacturing hubs and supporting R&D.
Together, these policies and developments underscore India’s growing role as a global pharmaceutical powerhouse—producing affordable, high-quality medicines not just for domestic needs but for the world.