Pharma exports to touch $65 bn mark by 2030, $350 bn by 2047: Report

India's pharma exports are expected to double to $65 billion by 2030 and touch $350 billion in value terms by 2047, moving to top five position globally by diversifying its product basket, according to a report.

While India is the largest supplier of generic drugs globally, accounting for one in five generic drugs sold worldwide, the nation ranks 11th in terms of export value. 

 

As per the Bain & Company's report, 'Healing the World: Roadmap for Making India a Global Pharma Exports Hub', India can potentially secure a position among the top five nations in export value by 2047 by innovating and diversifying its export basket to include specialty generics, biosimilars, and innovative products.

The findings in the report were formulated in collaboration with Indian Pharmaceutical Alliance (IPA), Indian Drugs Manufacturers' Association (IDMA), and Pharmexcil.

"The transition from volume-based to value-led growth is essential for Indian pharma to secure its rightful place in the global market. Innovation, including the shift towards specialty generics, biosimilars, and novel products, will be the key to India's pharmaceutical future," Sriram Shrinivasan, Partner, Bain & Company, said.

With the right focus on quality, regulation, access to global markets, talent, and entrepreneurial innovation, India can rise to be among the top-five pharma exporters globally by 2047, he added.

Indian Drug Manufacturers' Association (IDMA) National President Viranchi Shah highlighted that India can become one of the leaders in pharma exports, but needs strategic interventions.

Bulk drug parks are key to API export growth -- India must scale efforts to revive and strengthen its API industry while improving energy supply, waste treatment, and road connectivity, he added.

Indian Pharmaceutical Alliance (IPA) Secretary General Sudarshan Jain said India aims to become a $30-35 trillion economy by 2047 and to achieve that, the pharmaceutical industry must excel on all fronts.

"It is crucial to double down on Indian pharmaceutical exports, which currently account for 6 per cent of India's total merchandise exports by value," he added.

The report stressed that key industry segments like APIs, biosimilars, and generic formulations were poised to grow significantly going ahead.

Besides, collaboration between the government and private sector crucial for global competitiveness, it highlighted.