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India’s pharma industry considered to be the world’s third largest by volume

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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, Union Minister of State for Chemicals and Fertilisers, Smt. Anupriya Patel said in a written reply to a question on 17 December.

Smt. Patel added 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.