Indian Pharma Sector Becomes 3rd Largest Globally, Valued at $50B

India’s pharmaceutical industry holds a prominent position globally, ranking as the third-largest by volume, and is valued at $50 billion for the 2023-24 financial year, worth $23.5 billion, while exports contribute $26.5 billion. This sector ranks 14th in production value worldwide and encompasses a diverse range of products.

Key Products and Offerings

The Indian pharmaceutical industry produces various products. These include generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics. The extensive product range caters to both domestic and international markets.

The pharmaceutical sector contributes to the economy. In FY 2022-23, it produced ₹4,56,246 crores, with a value addition of ₹1,75,583 crores. This industry employed approximately 9,25,811 individuals, denoting its role as a major job provider.

Educational Initiatives

The Department of Pharmaceuticals established seven National Institutes of Pharmaceutical Education and Research (NIPERs). These institutes are recognised as institutions of national importance. They offer postgraduate and doctoral programmes, focusing on advanced research in various pharmaceutical fields.

Research and Development Policies

A national policy has been introduced to promote research, development, and innovation in the pharmaceutical and medical devices sectors. This policy aims to create a robust ecosystem for innovation. It seeks to position India as a leader in drug discovery and medical device development.

The Indian pharmaceutical industry aspires to enhance its global presence further. By encouraging an entrepreneurial environment, the sector aims to encourage innovation and improve the quality of healthcare products. The focus is on building a sustainable and competitive industry for the future.

website: popularscientist.com

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