Indian pharma industry expected to grow to $65 billion by 2024

1 February 2021

The Indian pharmaceutical sector is set to grow three-fold in the next decade, according to the country's Economic Survey. COVID-19 appears to have presented both an opportunity and a challenge for India to emerge as the 'pharmacy of the world', reports The Pharma Letter’s India correspondent.

The drug industry, which is currently valued at $41 billion, is expected to grow to $65 billion by 2024 and $120-130 billion by 2030.

According to the Economic Survey 2020-21, a significant raw material base and availability of a skilled workforce have enabled India to emerge as an international manufacturing hub for generic medicines. Moreover, India is the only country with the largest number of US Food and Drug Administration compliant pharma plants (more than 262 including Active Pharmaceutical Ingredients [APIs]) outside of the USA.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK