India Leads Global Pharma Exports, Serving Over 200 Countries

India exports a large amount of Pharmaceuticals to more than 200 countries around the world. The current worth of the pharmaceutical sector in India is $50 billion. India meets more than half of Africa's generic drug needs, 40% of generic drug demand in the US, and a quarter of all medicine in the UK. India's pharmaceutical industry, known as the "pharmacy of the world", is highly praised for its innovation in providing affordable life-saving medicines to people.

Currently, it is the biggest global supplier of generic medications, which are cost-effective alternatives to brand name drugs. With the increase in India's population, the demand for generic medicines has risen due to their cost-effectiveness and efficacy, similar to that of branded medicines. Generics, with their affordable prices, have become a popular choice over branded drugs, capturing 70 to 80% of the retail market.

A study found that the Indian market for generic drugs was valued at USD 24.53 billion in 2022 and is projected to increase at a consistent CAGR of 6.97% over the forecast period.

The rules for approving generic drugs are mostly uniform globally, with only minimal variations in developing countries where BE studies are not required for generic approval, and the US is the benchmark for regulations in this industry.