India’s pharmaceutical market valued at USD 50 billion for FY 2023-24

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New Delhi, December 18

India’s pharmaceutical market for the fiscal year 2023-24 is valued at USD 50 billion, with domestic consumption at USD 23.5 billion and exports at USD 26.5 billion. The Indian pharmaceutical industry is the third-largest in the world by volume and ranks 14th in terms of production value.

The market spans a diverse range of products, including generic drugs, bulk drugs, vaccines, biosimilars, and biologics, making it a key player in the global pharmaceutical sector. According to National Accounts Statistics 2024, the output for pharmaceuticals in FY 2022-23 was INR 4,56,246 crores, with a value-added output of INR 1,75,583 crores. This information was provided by Union Minister of State for Chemicals and Fertilizers, Anupriya Patel, in a written response to a question in the Rajya Sabha.

The sector employed over 925,000 people in FY 2022-23. India’s pharmaceutical research and development (R&D) ecosystem is bolstered by institutions like the National Institutes of Pharmaceutical Education and Research (NIPERs), which focus on high-end research and innovation in pharmaceutical science.

The Department of Pharmaceuticals has also launched a National Policy on R&D and Innovation in the Pharma-MedTech sector to promote drug discovery and medical device innovation, supporting India’s goal to lead in pharmaceutical and medical technology advancements.