India achieves decade-high pharma project completions, yet China dependency persists
Project completions in India's drugs and pharmaceuticals sector are set to reach a decade-high during financial year 2024, estimated at around $516 million.
The surge is primarily attributed to the production linked incentive (PLI) scheme introduced by the Indian government and an overall upswing in the demand for drugs and pharmaceuticals.
By the end of financial year 2024, it is estimated that dependency on Chinese active pharmaceutical ingredients (APIs) imports is expected to decrease to 69%. As major projects become operational during and additional projects are set to commence during financial year 2025, this reliance is projected to reduce further to around 65%, according to a report by CareEdge ratings, that provides insights.
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