India’s pharmaceutical exports have the potential to soar to $350 billion by 2047, according to a report by Bain & Company in collaboration with the Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers Association (IDMA), and Pharmexcil. The report outlines a robust growth trajectory, projecting exports to double from $27 billion in 2023 to $65 billion by 2030, driven by innovation, diversification, and regulatory reforms.

Key Highlights:
Pharma Export Growth Projections:

• Exports to double from $27 billion in 2023 to $65 billion by 2030.

• Expected to grow further to $350 billion by 2047.

Shift Towards Value-Led Growth:

• Focus on specialty generics, biosimilars, and innovative products to drive growth.

• Biosimilar exports projected to grow from $0.8 billion to $4.2 billion by 2030 and reach $30-35 billion by 2047.

• API (Active Pharmaceutical Ingredient) exports expected to surge from $5 billion to $80-90 billion by 2047.

Global Market Position:

• India currently ranks 11th in pharma export value but aims to be among the top five nations by 2047.

• India is already the largest global supplier of generic drugs, accounting for one in five generics sold worldwide.

Government and Industry Commitment:

• The government is committed to fostering innovation, boosting R&D, and streamlining regulatory processes.

• Emphasis on collaboration between academia, industry, and government to build a globally competitive pharma sector.

Statements from Leaders or Officials:

• Piyush Goyal, Union Minister of Commerce and Industry:

“India has long been the pharmacy of the world. Now, we want to change the narrative to ‘India as the healthcare custodian of the world.’ The government is fully committed to achieving this goal through innovation and seamless regulatory processes.”

• Sriram Shrinivasan, Partner, Bain & Company:

“The transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market. Innovation, specialty generics, and biosimilars will be key to this transformation.”

• Dr. Viranchi Shah, National President, IDMA:

“India can become a global leader in pharma exports, but strategic interventions are crucial to achieving this goal.”With a strategic focus on innovation, biosimilars, and specialty generics, India’s pharmaceutical sector is poised for exponential growth. By strengthening regulatory frameworks, enhancing R&D investments, and fostering global collaborations, India can secure a dominant position in the global pharma market by 2047. The government’s commitment to transforming India from the pharmacy of the world to the healthcare custodian of the world reflects the country’s ambitious vision for the future of healthcare.