India’s Pharmaceutical Exports Could Reach $350 Billion by 2047: Report

India’s Pharmaceutical Exports Could Reach $350 Billion by 2047: Report

A report, released in collaboration with the Indian Pharmaceutical Alliance (IPA), highlights the growth potential of India's pharmaceutical exports, projecting them to reach $350 billion by 2047.

India’s Global Pharmaceutical Status: India ranks 3rd in terms of volume and 14th in value globally. It is the leading producer of generic drugs, accounting for 20% of global demand, and supplies 60% of the world’s vaccines.

Key Highlights from the Report:

The report identifies several mega trends shaping India's pharmaceutical industry, with opportunities in key areas such as:

• Active Pharmaceutical Ingredients (API): China’s dominance in the API market is declining due to policies like the US Biosecure Act. With its cost advantages, India is well-positioned to capture 20-30% of the market share that China is losing.

  • API: The biologically active component in a drug responsible for its therapeutic effect.

• Biosimilars: India currently holds less than 5% of the global biosimilars market, which is valued at $30 billion. However, India is focusing on initiatives such as the National Biopharma Mission and expanding Genome Valley in Telangana to grow this sector.

  • Biosimilars: These are medicines closely resembling biologic drugs, produced using living organisms such as yeast, bacteria, or animal cells, offering similar structure and function.

• Vaccines: India is known for producing affordable vaccines, but its market share in high-income countries is limited. The goal is to increase its global share of the vaccine market from 1.5% to 8% by 2047 through innovation and branding.

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