India's domestic pharma market to reach USD 130 billion by 2030: Economic Survey
In terms of making drugs affordable to the common people, the survey said checks on pharmaceutical prices have been kept through the principles for the regulation of the prices of drugs based on the National Pharmaceuticals Pricing Policy, 2012, administered by the Department of Pharmaceuticals.;
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New Delhi: India's domestic pharmaceutical market is estimated to reach USD 130 billion by 2030 and the pharma industry has sustained its growth momentum after the pandemic, according to the Economic Survey 2022-23. The country's pharmaceutical exports achieved a healthy growth of 24 percent in FY21, driven by COVID-19-induced demand for critical drugs and other supplies made to over 150 countries, said the survey tabled in Parliament on Tuesday.
"The Indian Pharmaceutical industry plays a prominent role in the global pharmaceutical industry," it said adding, India is ranked 3rd worldwide in the production of pharma products by volume and 14th by value.
The nation is the largest provider of generic medicines globally, occupying a 20 percent share in global supply by volume, and is the leading vaccine manufacturer globally with a market share of 60 percent, it added.
Read also: US pharma industry seeks RnD policy for Indian pharma sector
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