NEW DELHI: India’s pharmaceutical industry continues its rapid ascent on the global stage, driven by affordability, innovation, and inclusivity. Thesector recorded a 7.8 per cent year-on-year growth in April 2025, according to India Ratings, part of the Fitch Group, as quoted by Press Information Bureau (PIB) on Sunday.This growth reflects continued strong domestic demand and the introduction of new products. The country ranks third in the world in pharmaceutical production by volume and 14th by value. It is the largest global supplier of generic medicines, meeting 20 per cent of worldwide demand. India also plays a vital role in vaccine production, supplying 55 to 60 per cent of Unicef’s global vaccine needs. In 2023–24, the pharmaceutical sector recorded a turnover of Rs 4,17,345 crore, sustaining an annual growth rate exceeding 10 per cent over the last five years. The growth of this sector has led to greater access to affordable medicines, improved healthcare services and the creation of employment opportunities across the country, from urban manufacturing hubs to rural research facilities, according to the government that cited a series of policy initiatives introduced in recent years as a factor for these advances.”The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) runs 15,479 Jan Aushadhi Kendras, offering generic medicines at prices up to 80% lower than branded ones,” it said adding that these stores provide quality generic medicines at prices up to 80 per cent lower than branded alternatives. The government further claimed that the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, with an outlay of Rs 15,000 crore, is supporting 55 projects focused on producing high-value drugs for conditions such as cancer and diabetes. Another PLI scheme worth Rs 6,940 crore targets the domestic production of key drug ingredients, including Penicillin G, in order to reduce reliance on imports. A separate allocation of Rs 3,420 crore under the PLI scheme for medical devices is driving the local manufacture of advanced equipment such as MRI machines and cardiac implants, was further stated in the report.Further boasting about the pharma sector growth claim, it added, “Then there’s the Promotion of Bulk Drug Parks scheme with Rs 3,000 crore building mega hubs in Gujarat, Himachal Pradesh and Andhra Pradesh to make medicines cheaper and faster. The Strengthening of Pharmaceuticals Industry (SPI) Scheme with Rs 500 crore, funds research and upgrades labs, helping Indian companies compete globally. These efforts mean medicines are made in India, for India and for the world keeping costs low and quality high.“Also read: India’s export growth powered by high-tech and value-added sectors, led by electronics and engineering in FY25 India’s pharmaceutical products continue to play a crucial role in international healthcare. The country supplies 99 per cent of the World Health Organization’s demand for DPT (Diphtheria, Whooping cough and Tetanus) vaccines, 52 per cent for the BCG vaccine used against tuberculosis, and 45 per cent for measles vaccines. Foreign investors have also shown strong confidence in the Indian pharmaceutical sector. In 2023–24, foreign direct investment in the sector reached Rs 12,822 crore. The country allows 100 per cent foreign investment in medical devices and new pharmaceutical projects, making it an increasingly attractive destination for international enterprises.
