New Delhi || 18-12-2024
Union Minister of State for Chemicals and Fertilizers Anupriya Patel informed Rajya Sabha in a written reply that India’s pharmaceutical market for FY 2023-24 is valued at USD 50 billion with domestic consumption valued at USD 23.5 billion and export valued at USD 26.5 billion. India’s pharma industry is considered to be the world’s third largest by volume and 14th in terms of value of production.
With an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics, the Indian pharmaceutical industry has a strong presence at the global level.
According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry i.e. Pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores. 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23.
Research & Development (R&D) and innovation in the Pharma Sector is done by a number of institutions and organizations under various scientific Ministries/Departments. The Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education & Research (NIPERs) as institutes of national importance, which besides imparting postgraduate and doctorate education, conduct high end research in various pharma specializations.
Further, Department has framed a “National Policy on Research & Development and Innovation in Pharma-MedTech Sector in India” to encourage R&D in pharmaceuticals and medical devices and to create an ecosystem for innovation in the sector in order for India to become leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.
