Indian Pharma industry 3rd largest in world by volume, informs Minister
New Delhi: Indian Pharmaceuticals Industry is the 3rd largest in the world by volume and the 13th largest by value, the Minister of State in the Ministry of Chemicals and Fertilizers informed the parliament recently.The Government of India's Ministry of Chemicals and Fertilizers, under the Department of Pharmaceuticals, recently provided information regarding the consumption of generic...
New Delhi: Indian Pharmaceuticals Industry is the 3rd largest in the world by volume and the 13th largest by value, the Minister of State in the Ministry of Chemicals and Fertilizers informed the parliament recently.
The Government of India's Ministry of Chemicals and Fertilizers, under the Department of Pharmaceuticals, recently provided information regarding the consumption of generic medicines in the country. In response to a question raised in the Rajya Sabha, Minister of State in the Ministry of Chemicals and Fertilizers, Shri Bhagwanth Khuba while responding to a question during the question hour responded that the Indian Pharmaceuticals Industry is the 3rd largest in the world by volume and the 13th largest by value. It produces over 60,000 generic drugs across 60 therapeutic categories.
The minister also shared the data showing the annual turnover of the pharmaceutical sector in India during the last five years with data showing that the sector grew by more than 10 percent each year except 2021-2022.
| Financial Year | Turnover (Rs. in Crore) |
|---|---|
| 2017-2018 | 2,26,423 |
| 2018-2019 | 2,58,534 |
| 2019-2020 | 2,89,998 |
| 2020-2021 | 3,28,054 |
| 2021-2022 | 3,44,125 |
The minister further informed about steps taken to promote domestic manufacturing of pharmaceutical drugs including generic medicines. The Department of Pharmaceuticals has implemented two Production Linked Incentive (PLI) schemes. The first scheme is aimed at promoting the manufacturing of critical Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs), with an outlay of Rs. 6,940 crores. The second scheme, with an outlay of Rs. 15,000 crores, focuses on the pharmaceutical sector as a whole.
In addition to these initiatives, the government has launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) to ensure the availability of quality generic medicines at affordable prices. This program aims to cater to all citizens, particularly the poor and deprived sections of society.
Read also: 9512 Pradhan Mantri Bhartiya Janaushadhi Kendras have been opened across country
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