Indian pharma sector grows at 7.8 percent in April

India’s pharmaceutical industry is a global giant ranking 3rd in volume and 14th in value. It’s the largest supplier of generic medicines providing 20% of the world’s supply and a key player in affordable vaccines. In 2023-24, the sector’s turnover hit Rs 4,17,345 crore growing steadily at over 10% annually for the past five years. For the common man this means more medicines at lower prices, better healthcare and jobs in factories and labs across the country. From small towns to big cities, India’s pharma growth is creating opportunities and saving lives.

The government’s smart schemes are the backbone of this success. The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) runs 15,479 Jan Aushadhi Kendras, offering generic medicines at prices up to 80% lower than branded ones. A heart medicine that once cost ₹500 might now cost ₹100! The Production Linked Incentive (PLI) Scheme for Pharmaceuticals with ₹15,000 crore, supports 55 projects to make high-end drugs like cancer and diabetes medicines right here in India. Another PLI scheme with ₹6,940 crore focuses on raw materials like Penicillin G, reducing our need for imports. The PLI for Medical Devices backed by ₹3,420 crore is boosting production of tools like MRI machines and heart implants.

Then there’s the Promotion of Bulk Drug Parks scheme with ₹3,000 crore building mega hubs in Gujarat, Himachal Pradesh and Andhra Pradesh to make medicines cheaper and faster. The Strengthening of Pharmaceuticals Industry (SPI) Scheme with ₹500 crore, funds research and upgrades labs, helping Indian companies compete globally. These efforts mean medicines are made in India, for India and for the world keeping costs low and quality high.

India’s pharma sector supplies 55-60% of UNICEF’s vaccines, meeting 99% of WHO’s DPT (Diphtheria, Whooping cough and Tetanus) vaccine demand, 52% for BCG (Bacillus Calmette-Guérin is a vaccine primarily used against TB), and 45% for measles. From Africa to America, Indian vaccines save millions. At home, these schemes create jobs for young Indians, from factory workers to scientists. Foreign investors are pouring in with ₹12,822 crore in 2023-24 alone, because they see India’s potential. The government welcomes 100% foreign investment in medical devices and greenfield pharma projects, making India a hotspot for global companies.

From affordable medicines at Jan Aushadhi Kendras to vaccines reaching the world, India is building a healthier, self-reliant future.