India’s pharmaceutical industry continues to strengthen its position as the ‘Pharmacy of the World,’ with exports reaching USD 30.46 billion in FY 2024–25, supplying medicines to over 1,150 countries. According to K. Raja Bhanu, Director General, PHARMEXCIL, this marks a significant milestone as India’s economy itself undergoes a transformation, expanding from USD 1.9 trillion a decade ago to around USD 3.6 trillion today, and set to become one of the top four global economies.

K. Raja Bhanu spoke at the conference titled “Corrosion Risk Management and Process Safety in Pharma and Chemical industry”organised by the Indian Pharma Post and Indian Chemical News on October 15, 2025, in Hyderabad. The event was supported by Alleima. 

“The Indian government’s vision for Viksit Bharat 2047 aligns with the pharmaceutical sector’s ambitious goals targeting a market size of US$ 120 billion by 2030 and US$ 450 billion by 2047,” Bhanu noted while underscoring the fact that India has already established global leadership in generic medicines, the next phase of growth must come from complex generics, biosimilars, and innovative therapies.

“I believe nearly half of our pharmaceutical products are exported to over 150 countries across the globe. In FY2025 alone, India’s pharma exports stood at around US$ 30.46 billion, compared to US$ 27.8 billion last year.  The Government of India has set an ambitious goal of achieving US$ 33–35 trillion GDP by 2047, when the country marks 100 years of independence. For the pharmaceutical sector, too, the targets are bold such as US$ 120 billion by 2030 and nearly US$ 450 billion by 2047. The next phase of growth will depend on how well we move up the value chain into complex generics, biosimilars, and innovative products. Among India’s key growth engines, the pharmaceutical sector holds a pivotal position. It is the fifth-largest contributor to manufacturing GVA, drives about 4% of India’s total FDI inflows (around US$ 19 billion), and supports over 2.7 million livelihoods directly and indirectly.” 

Bhanu added further: “India’s pharma industry accounts for 6–7% of total merchandise exports by value and boasts a strong manufacturing base with over 10,000 facilities and 3,000 pharma companies. We also have 748 USFDA-approved plants and 340 European-approved facilities, the largest number outside the United States. India remains the largest supplier of generic medicines to low- and middle-income countries, ranking third globally by volume but only 11th by export value. This clearly shows the need to transition from volume to value, expanding our export basket to include specialty generics, biosimilars, and novel products. With longer product life cycles and development timelines, both industry and government must act now to seize these opportunities.” 

He also highlighted the increasing importance of safety, accountability, and process reliability. “As the pharma and chemical sectors expand to meet global demand, ensuring the integrity and reliability of manufacturing infrastructure becomes crucial. In recent times, several safety-related incidents have reminded us that our credibility rests on maintaining the highest standards of quality and safety, for both our workforce and our products. Corrosion-related failures, for example, not only cause downtime and financial loss but also threaten product purity, regulatory compliance, and environmental safety, directly impacting India’s reputation as a trusted global supplier.”

Bhanu underscored quality, affordability, and scalability as India’s key differentiators and stressed why these must now be complemented by accountability and sustainability.  “These values must guide every aspect of our manufacturing ecosystem. India today proudly stands as the Pharmacy of the World, supplying safe, affordable, and high-quality medicines to over 200 countries. Around 33–40% of generic medicines in the US and UK markets come from India, a remarkable achievement. Under the visionary leadership of the Prime Minister, the government has articulated a clear vision for Viksit Bharat @2047 to make India not only the pharmacy of the world but also a global hub for healthcare innovation and sustainable manufacturing.’

PHARMEXCIL DG lauded the ongoing efforts to promote corrosion management and advanced material selection, describing them as vital to achieving long-term safety and operational excellence.

“The sector must adopt sustainable, cost-efficient alternatives to traditional materials like nickel alloys or standard stainless steel. Over the decades, we have witnessed tremendous technological transformation, from conventional reactors in the 1990s to modern, IoT-enabled systems today, greatly improving safety and predictability. Such advancements should align with India’s broader goal of creating a high-quality, low-maintenance, and globally compliant manufacturing ecosystem. By adopting advanced corrosion-resistant materials, we not only reduce lifecycle costs but also reinforce our commitment to ESG principles and regulatory excellence,” added Bhanu.