India’s pharmaceutical industry is poised for significant expansion, with exports projected to surge to $350 billion by 2047—marking a 10-15x increase from current levels. As a global powerhouse in generic drug production, the country is shifting its strategy to focus on high-value sectors such as specialty generics, biosimilars, and innovative pharmaceuticals. The industry’s exports, which stood at around $27 billion in 2023, are expected to reach $65 billion by 2030 before climbing to the ambitious $350 billion mark by 2047. This transformation will be driven by a move from volume-based production to a value-driven model, particularly in the areas of Active Pharmaceutical Ingredients (APIs), biosimilars, and advanced generic formulations.
A report by Bain & Company highlights key growth areas, predicting that API exports will rise from $5 billion to between $80-90 billion by 2047. Similarly, biosimilar exports are expected to grow fivefold, reaching between $30-35 billion in the same period. Generic formulations, the dominant segment of India’s pharmaceutical exports, are projected to soar to $180-190 billion by 2047, with specialty generics playing a crucial role in this expansion.
The report underscores the importance of strategic policy measures, increased investment in research and development, and stronger collaboration between the government and private sector to sustain this upward trajectory. Additionally, investments in contract development and manufacturing organizations (CDMOs) and contract research organizations (CROs) are expected to significantly contribute to India’s growing pharmaceutical exports.
