By: India Pharma Outlook Team | Wednesday, 29 November 2023
As per industry analysts, India's pharmaceutical sector might surpass USD 130 billion by 2030, owing to rising market potential and increased demand in international markets. They stated that the company's revenue for the fiscal year 2022-23 was more than USD 50 billion.
Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India) Veeramani S V said the Indian pharmaceutical industry is on a compelling growth trajectory, evidenced by an 8 per cent year-to-date increase in exports and a remarkable 29 per cent surge in October alone, as per business standard.
"This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said.
Veeramani noted that the domestic market has exhibited impressive growth, exceeding 10 per cent. "Driven by this momentum, I am confident in reaching the 130 billion mark by 2030," he said.
The information was given at the start of the 16th edition of the CPHI & PMEC India Expo, a major pharmaceutical B2B event held at the India Expo Mart and Centre in Greater Noida.
As per Informa Markets, this edition was their largest ever, with over 50,000 people from all over the world, more than 1,500 exhibitors displaying over 10,000 commodities, and participation from over 80 countries.
Anil Matai, Director General of the Organisation of Pharmaceutical Producers of India (OPPI), predicts a sustainable development trajectory. However, as we learned during the epidemic, achieving this requires regulatory reforms to support sector development, satisfy patient requirements, and drive disruptive innovation.