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The Central government has said that the pharma sector has reported a steady annual growth of over 10 per cent in the past five years and is growing towards a self-reliant future.
In a background report on the pharma industry in the country, the Central government has said that in 2023-24, the sector’s turnover hit Rs. 4,17,345 crore growing steadily at over 10 per cent annually for the past five years.
"For the common man this means more medicines at lower prices, better healthcare and jobs in factories and labs across the country. From small towns to big cities, India’s pharma growth is creating opportunities and saving lives," it said.
Quoting a recent report by India Ratings, part of the Fitch Group, it added that the sector expects revenue to grow 7.8 per cent year-on-year in April 2025 driven by strong demand and new products.
India’s pharmaceutical industry is a global giant ranking 3rd in volume and 14th in value. It’s the largest supplier of generic medicines providing 20% of the world’s supply and a key player in affordable vaccines.
The country supplies 55-60 per cent of UNICEF’s vaccines, meeting 99 per cent of World Health Organisation’s DPT (diphtheria, whooping cough and tetanus) vaccine demand, 52 per cent for BCG (Bacillus Calmette Guérin is a vaccine primarily used against TB), and 45 per cent for measles.
Foreign investors have infused Rs. 12,822 crore in 2023-24 alone, as the government welcomes 100 per cent foreign investment in medical devices and greenfield pharma projects, making India a hotspot for global companies.
It has also highlighted various schemes by the Department of Pharmaceuticals to promote manufacturing of medicines, and to sell drugs at affordable cost. This includes the production linked incentive (PLI) schemes including the Rs. 15,000 crore scheme for pharmaceuticals, Rs. 6,490 crore scheme for bulk drugs, and Rs. 3,420 crore scheme for medical devices.
Besides, there are schemes such as promotion of Bulk Drug Parks scheme with Rs. 3,000 crore building mega hubs in Gujarat, Himachal Pradesh and Andhra Pradesh, and the Strengthening of Pharmaceuticals Industry (SPI) Scheme with Rs. 500 crore, funds research and upgrades labs, and the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) managing 15,479 Jan Aushadhi Kendras, offering generic medicines at prices up to 80 per cent lower than branded ones, it added.
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