India Poised to Become 'Pharmacy of the World', Eyes USD 1 Trillion Pharma Industry by 2047

New Delhi: India’s pharmaceutical industry is poised for significant expansion in the coming decades, solidifying its global position as the ‘Pharmacy of the World’ and earning recognition as the ‘Healers of the World’ through its exceptional contribution to COVID-19 vaccine distribution. Driven by continuous innovation, a surge in exports, and a strong commitment to affordability and efficacy, the Indian pharma sector is valued at USD 55 billion at present, and the industry is expected to reach USD 130 billion by 2030.

India’s pharmaceutical sector, which has positioned itself as a key global player in healthcare, is claimed to be on track to attain a value of a staggering USD 450 billion by 2047. With exports currently contributing USD 27.85 billion, India remains a dominant player in the global pharmaceutical market.

According to industry experts, key factors behind this impressive growth include advancements in biologics, speciality generics, and artificial intelligence (AI)-driven technologies, all of which are reshaping the global healthcare landscape. India’s pharmaceutical sector has become a key export hub, supplying affordable, high-quality medicines to more than 200 countries. Industry leaders forecast the sector to grow into a USD 1 trillion industry by 2047, further reinforcing India’s critical role in the global healthcare supply chain.

The experts asserted that in addition to the remarkable export growth, India’s pharmaceutical sector has earned global recognition for its pivotal contribution to the global COVID-19 vaccine distribution, cementing its place as the ‘Healers of the World.’

Industry leaders and experts gathered at the ongoing CPHI & PMEC India Expo in Noida to discuss the future of the pharmaceutical sector. The 3-day expo has attracted over 2,000 exhibitors and 50,000 visitors from more than 120 countries—including the USA, UAE, South Korea, Japan, and the UK—serving as a dynamic platform for innovation, collaboration, and strategic partnerships, showcasing advancements in pharma machinery, packaging, analytical instruments, and biopharmaceuticals.

According to Yogesh Mudras, Managing Director of Informa Markets in India, “The Indian pharmaceutical industry stands as a pillar of manufacturing excellence, scale, and research-led competitiveness. It now ranks third globally in pharmaceutical production by volume and 14th by value, contributing approximately 1.72% to India’s GDP. India’s position as one of the top 12 global biotechnology destinations and the third largest in the Asia-Pacific region further solidifies its standing in the global pharmaceutical ecosystem.”

India’s competitive edge in the global market is driven by its cost-effective manufacturing capabilities, which are 30%-35% lower than those in the US and Europe. In addition, India’s research and development (R&D) costs are 87% lower than those in developed markets, making it a highly attractive destination for global pharmaceutical companies. With an abundant pool of skilled labour, India is poised to lead in both the production and innovation aspects of the pharmaceutical sector.