Pharma exports expected to double to $65 billion by 2030: Report

SUMMARY

India's Pharma exports expected to double to $65 billion by 2030 and $350 billion by 2047, positioning the nation among the top five global pharma exporters, according to a Bain & Company report. Key sectors like APIs and biosimilars are set for growth.

While India is the largest supplier of generic drugs globally, accounting for one in five generic drugs sold worldwide, the nation ranks 11th in terms of export value. | Image: Shutterstock.

According to a report, India's pharmaceutical exports are projected to reach $65 billion by 2030 and $350 billion by 2047, positioning the country among the top five globally by expanding its range of products.

India is the world's largest supplier of generic drugs, responsible for 20% of the global supply, yet it ranks 11th in export value.

The Bain & Company report, 'Healing the World: Roadmap for Making India a Global Pharma Exports Hub', suggests that by 2047, India could be among the top five in export value by diversifying its exports to include specialty generics, biosimilars, and innovative products.

The report's conclusions were developed in partnership with the Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers' Association (IDMA), and Pharmexcil.

"For India to achieve its rightful place in the global market, transitioning from volume-based to value-driven growth is crucial. Innovation, especially in specialty generics, biosimilars, and new products, will shape India's pharmaceutical future," said Sriram Shrinivasan, Partner at Bain & Company.

He added that with a focus on quality, regulation, global market access, talent, and entrepreneurial innovation, India could become one of the top-five global pharma exporters by 2047.

Viranchi Shah, National President of the Indian Drug Manufacturers' Association (IDMA), emphasized the need for strategic measures for India to become a leader in pharma exports.

He noted that bulk drug parks are vital for API export growth, and India must enhance its API industry, energy supply, waste management, and road infrastructure.

Sudarshan Jain, Secretary General of the Indian Pharmaceutical Alliance (IPA), stated that India aims to be a $30-35 trillion economy by 2047, and the pharmaceutical sector must excel in all areas to achieve this.

"Doubling down on pharmaceutical exports, which currently make up 6% of India's total merchandise exports by value, is essential," he added.

The report emphasized significant growth potential in key industry segments such as APIs, biosimilars, and generic formulations.

Additionally, it underscored the importance of government and private sector collaboration for global competitiveness.

Source: PTI