India’s pharmaceutical industry achieves US$50 billion milestone
The national policy has been implemented to foster research, development, and innovation
India’s pharmaceutical sector, recognised as the third largest globally by volume, reached a valuation of US$50 billion in the fiscal year 2023-24, according to Union Minister of State for Chemicals and Fertilisers, Anupriya Patel. This is reported by IANS, a partner of TV BRICS.
Patel highlighted that the domestic market accounted for US$23.5 billion of the total valuation, while exports contributed US$26.5 billion. She stated that this positions India as a global leader not only in production but also in its extensive export capabilities.
As per the National Accounts Statistics 2024, released by the Indian Ministry of Statistics and Programme Implementation, the pharmaceutical and botanical products industry generated an output valued at approximately US$54.9 billion for 2022-23 at constant prices.
In a bid to further strengthen the sector, the Department of Pharmaceuticals has established seven National Institutes of Pharmaceutical Education and Research (NIPERs), designated as institutes of national importance.
These institutions provide advanced postgraduate and doctoral education while driving high-impact research in specialised areas of pharmaceuticals.
Additionally, a national policy has been implemented to foster research, development, and innovation within the pharmaceutical and medical device sectors.
Photo: iStock
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