New Delhi, June 13: India’s pharmaceutical market is expected to grow to $120-130 billion by 2030 from an estimated $55 billion in 2025, and pharmaceutical exports have crossed $30 billion in FY25, a report said on Thursday.
The report from ASSOCHAM said India supplies around 20 per cent of the world’s generic medicines by volume and contributes over half of UNICEF’s vaccine procurement requirements, underlining the country’s role in global healthcare supply chains. The next phase of growth will be driven by innovation, advanced therapies, artificial intelligence‑led drug discovery, biosimilars and regulatory excellence, according to ASSOCHAM Secretary General Saurabh Sanyal. Sanyal said that India has built a strong reputation as a global supplier of affordable medicines and vaccines, due to its strong manufacturing capabilities, scientific talent and policy ecosystem. He also emphasised the need for higher investment in research and development, stronger industry-academia collaboration, future-ready talent and globally aligned regulatory standards. The industry chamber expects future growth to be driven by a global patent cliff on biologics, accelerating demand for affordable advanced therapies, advances in artificial intelligence-driven drug discovery, and geopolitical realignment of pharmaceutical supply chains. The report highlighted that biologics generating over $40 billion in annual revenues are expected to lose exclusivity between 2025 and 2029, creating significant opportunities for biosimilar manufacturers.