India's Pharma Industry Targets USD 450 Billion Milestone by 2047

India's pharmaceutical industry, known for being a major player in global healthcare, is projected to reach an impressive value of USD 450 billion by 2047. India continues to be a major player in the international pharmaceutical market, with exports valued at USD 27.85 billion.

Industry experts attribute the notable growth to advancements in biologics, speciality generics, and AI-driven technologies, all of which are transforming the healthcare industry worldwide. India's pharmaceutical industry has emerged as a crucial export center, providing cost-effective, top-notch medications to over 200 nations. Experts in the field predict that by 2047, the industry will expand to become a USD 1 trillion industry, highlighting India's essential position in the worldwide healthcare supply chain.

The experts claimed that along with the impressive increase in exports, India's pharmaceutical industry has gained worldwide acknowledgment for its vital role in the global distribution of COVID-19 vaccines, solidifying its position as the 'Healers of the World.'

India's competitive advantage in the worldwide market comes from its efficient manufacturing capabilities, which are 30% to 35% cheaper than those in the United States and Europe. Furthermore, India offers a highly appealing location for global pharmaceutical companies due to its research and development (R&D) costs being 87% lower compared to developed markets. India, having a large number of skilled workers, is in a prime position to excel in both manufacturing and developing new ideas in the pharmaceutical industry.