New Delhi, Dec 19 (IANS): India’s pharma industry is considered to be the world's third largest by volume, and in FY 2023-24 the pharmaceutical market has been valued at $50 billion, said Union Minister of State for Chemicals and Fertilizers Anupriya Patel.

In a written reply to Rajya Sabha Patel said that in FY 2023-24, the pharmaceutical market’s domestic consumption value was at $23.5 billion, and exports were valued at $26.5 billion.

The Indian pharmaceutical industry has a strong presence at the global level. It is also the 14th in terms of value of production with an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics.

“According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry that is, pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores. 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23,” Patel said.

Meanwhile, the MoS also informed that the Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutes impart postgraduate and doctorate education, as well as conduct high-end research in various pharma specialisations.

Further, the Department has also framed a national policy to boost research, development, and innovation in pharmaceuticals and medical devices.

It is also aimed at creating an ecosystem for innovation in the sector in order for India to become a leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.