Centre said that Indian pharma sector is recognized as the third largest globally, valued at $50 billion in FY 2023-24.
According to Union Minister of State for Chemicals and Fertilizers Anupriya Patel, India’s pharmaceutical industry is considered the third largest globally and was worth $50 billion in the financial year 2023-24.
The domestic pharmaceutical market was valued at $23.5 billion, with exports contributing $26.5 billion in financial year 2023-24.
The Indian pharmaceutical industry has a strong presence globally and ranks 14th in terms of production value.
It has a highly diversified product portfolio, including generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars and biologics.
The National Accounts Statistics 2024, released by the Ministry of Statistics and Programme Implementation, reported that the pharmaceutical, medicinal, and botanical products industry had a total output of ₹4,56,246 crores at constant prices for FY 2022-23.
The industry contributed ₹1,75,583 crores in value addition during the same period.
During the same period, 9,25,811 persons got employment in this sector.
Seven National Institutes of Pharmaceutical Education and Research (NIPERs) have been established by the Department of Pharmaceuticals as Institutes of National Importance.
