The Indian Pharma sector is ranked third largest by volume in the global market and is currently valued at $41.7 billion and it is forecast to reach US $65 billion by 2024 and US $120 billion by 2030. Digital technologies like Artificial Intelligence (AI), Machine Learning (ML), 3D Printing, and Additive Manufacturing are helping Indian Pharmaceutical companies to step up R&D process, conducting tests in less time, improving efficiencies and compliances in manufacturing, and increasing profitability.

The Covid-19 crisis has spurred innovation and discoveries across the pharma space. Indian companies have demonstrated that they can deliver when the country is faced with a crisis. Many companies in the pharmaceutical and healthcare sectors have ramped up production and invested in R & D. The development of Covaxin by Bharat Biotech was the highlight of 2021. According to an OECD estimate, the pharmaceutical industry in India is expected to grow by 317 percent between 2017 and 2060. Currently, over 50 percent of the world’s demand for vaccines, 40 percent of the demand for generic drugs in the United States, and one-fourth of all medicine demand in the United Kingdom is supplied by the Indian pharmaceutical industry.

Offering over 60,000 generic brands across 60 therapeutic categories, India has a strong presence in the global pharmaceutical industry. India occupies a 20% share in global supply by volume and also supplies 62% of global demand for vaccines. India ranks 3rd worldwide for production by volume and 14th by value.
According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India’s domestic pharmaceutical market is estimated at US $ 42 billion in 2021 and likely to reach US $ 65 billion by 2024 and further expand to reach US $ 120-130 billion by 2030