India’s Pharmaceuticals Sector
Context:
The Union Minister of State for Science and Technology recently highlighted India's rapid evolution into a robust pharmaceutical economy.
Speaking at a recent Healthcare Summit, the Minister emphasized a strategic shift from import dependence to self-reliant healthcare growth, driven by the core themes of "Made in India" and "Quality".
Key Facts:
The Indian pharmaceutical industry currently ranks as the 3rd-largest globally by volume and the 11th-largest by value.
The domestic market size currently stands at USD 60 billion and is aggressively projected to reach USD 130 billion by 2030.
The annual turnover of the sector reached ₹4.72 lakh crore in FY25.
India exports pharmaceuticals to 191 countries.
Pharma exports stood at a massive USD 30.5 billion in 2024-25, representing a nearly 16-fold increase from USD 1.9 billion in 2000-01.
The sector continues to attract significant global capital, registering Foreign Direct Investment (FDI) inflows of ₹13,193 Crore in the current financial year 2025-26 (up to September).
Initiatives:
National Medical Device Policy 2023:
While India is a giant in pharmaceuticals, it currently holds only about 1.5% of the global medical device market.
The government is actively working to expand this share significantly under the National Medical Device Policy 2023, aiming to make India a top global manufacturing hub.
Biopharma SHAKTI:
To position India as a premier global biopharmaceutical manufacturing hub, the Union Budget 2026-27 proposed the Biopharma SHAKTI initiative.
This ambitious program is backed by a total outlay of ₹10,000 Crore over the next five years.