India's Pharma Industry Booms, Valued at $41B in 2021
India's pharmaceutical industry is booming, with over 10,500 manufacturing facilities and more than 3000 pharma companies, many of which are US-FDA compliant. The sector is a significant contributor to the global market, ranking third by volume and 14th by value.
The Indian biologics market is projected to grow at a CAGR of 22%, reaching US$ 12 billion by 2025. This growth is supported by the government's Production Linked Incentive (PLI) schemes, which aim to strengthen domestic manufacturing. India is the largest producer of vaccines, supplying 62% of global demand, and the largest supplier of generic medicines with a 20% share.
India's pharmaceutical exports reached US$ 19.38 billion in FY 2020-21, with drugs and pharmaceuticals sent to over 200 countries. Key markets include the USA and Latin America, particularly Brazil. The industry has received cumulative FDI inflows worth around US$ 18.6 billion between April 2000 and September 2021.
The Indian pharma sector was valued at US$ 41 billion in 2021 and is expected to reach US$ 65 billion by 2024, and US$ 120-130 billion by 2030. Despite high import dependence for APIs, with domestic consumption expected to reach around US$ 19 billion by FY 2022, the industry's growth prospects remain robust.
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