India’s pharmaceutical market is projected to grow to $120-130 billion by 2030 from $55 billion in 2025, with pharmaceutical exports already exceeding $30 billion in FY25, according to a report. The country supplies about 20% of the world’s generic medicines by volume and fulfills over half of UNICEF’s vaccine procurement needs, showcasing its significant role in global healthcare supply chains.
The forthcoming expansion in the pharmaceutical sector will be fueled by factors like innovation, advanced therapies, artificial intelligence-driven drug discovery, biosimilars, and regulatory advancements, as per ASSOCHAM Secretary General Saurabh Sanyal. India has established a solid reputation as a global provider of cost-effective medicines and vaccines, attributed to its robust manufacturing capabilities, scientific expertise, and supportive policy environment.
Sanyal emphasized the importance of increased investments in research and development, enhanced collaboration between industry and academia, development of future-ready talent, and alignment with global regulatory standards. The industry foresees growth opportunities arising from the expiration of patents on biologics globally, escalating demand for affordable advanced therapies, advancements in AI-based drug discovery, and the reshaping of pharmaceutical supply chains due to geopolitical shifts.
The report also pointed out that the biologics segment, with annual revenues exceeding $40 billion, is anticipated to lose exclusivity between 2025 and 2029, opening up substantial prospects for biosimilar manufacturers. The global biosimilars market, valued at $39.6 billion in 2025, is forecasted to reach $151.6 billion by 2033. India’s bioeconomy has surpassed $150 billion and is on track to hit $300 billion by 2030, with biologics and biopharma poised to be key growth drivers.
Government initiatives like Biopharma SHAKTI, Bio-RIDE, and the BioE3 Policy are instrumental in establishing a cohesive ecosystem that connects research, manufacturing, and commercialization, as highlighted in the report. The report outlined five strategic priorities for India Pharma 2030, including global regulatory alignment, innovation financing, manufacturing leadership in biologics and cell and gene therapy, talent development, and enhancing domestic access and innovation adoption, aiming at global leadership in the Global South.
India’s pharmaceutical exports are anticipated to expand to $75-80 billion by 2030 if these strategic areas are given due attention, noted the industry body.
