The Economic Survey of India states that the Indian Pharmaceutical industry plays a prominent role in the global pharmaceutical industry and that India is ranked 3rd worldwide in the production of pharma products by volume and 14th by value.

India's domestic pharma market is estimated to reach $130 billion by 2030 and the pharma industry has sustained its growth momentum after the pandemic. The country's pharmaceutical exports achieved a healthy growth of 24 per cent in FY21, driven by COVID-19-induced demand for critical drugs and other supplies made to over 150 countries as the survey.

The sector is the largest provider of generic medicines globally, occupying a 20 per cent share in global supply by volume, and is also the leading vaccine manufacturer globally with a market share of 60 per cent. The performance of pharma exports has been robust, sustaining positive growth despite the global trade disruptions and drop in demand for Covid-19-related treatments. The cumulative FDI in the pharma sector crossed the $20 billion mark by September 2022.

India's domestic pharmaceutical market is estimated at $41 billion in 2021 and is likely to grow to $65 billion by 2024 and is further expected to reach $130 billion by 2030.

In terms of exports, the Indian 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. The performance of pharma exports in FY22 has been robust, sustaining growth despite the global trade disruptions and drop in demand for COVID-19-related treatments. Carrying forward this growth momentum, drug and pharmaceutical exports during April-October 2022 was 22 percent higher than the corresponding pre-pandemic period of FY20.

India's domestic pharmaceutical market is estimated at $41 billion in 2021 and is likely to grow to $65 billion by 2024 and is further expected to reach $130 billion by 2030.