India's Pharma Market Hits $50 Billion, 3rd Globally in FY 2023-24

India's pharmaceutical sector, ranked as the third largest in the world by volume, was valued at $50 billion in the fiscal year 2023-24, as per Union Minister of State for Chemicals and Fertilizers Anupriya Patel. The domestic consumption value of the pharmaceutical sector reached $23.5 billion, whereas exports amounted to $26.5 billion. The industry's robust global footprint is emphasized by its 14th rank in production value, featuring a diverse product range that comprises generic medications, bulk drugs, over-the-counter pharmaceuticals, vaccines, biosimilars, and biologics.

The National Accounts Statistics 2024 from the Ministry of Statistics and Programme Implementation disclosed that the overall output for the pharmaceuticals, medicinal, and botanical products sector was Rs. 4,56,246 crores allocated for FY 2022-23 at constant pricing, including a value addition of Rs. 1,75,583 crores. The sector engaged 9,25,811 workers throughout that fiscal year.

The Department of Pharmaceuticals has created seven National Institutes of Pharmaceutical Education and Research (NIPERs) recognized as institutions of national significance. These institutes provide postgraduate and doctoral education while engaging in advanced research across different pharmaceutical specializations.

The Digital India initiative of the Modi administration, initiated in 2015, has advanced the country with innovative schemes such as Aadhaar, UPI, eSign, and the Government e-Marketplace. These efforts have transformed India, including its poor and low-educated citizens. The government's involvement in building a tech-first India is crucial, as the India Stack, an open API-driven public IT framework, supports numerous public and private applications, allowing India to surpass even the most advanced nations.