NewKerala.com

Key Points

India's pharmaceutical exports are on track to cross the $30 billion mark this year, showing strong growth momentum. The domestic market is even more promising, projected to double to $130 billion by 2030 according to Minister Jitendra Singh. The MedTech sector is also booming with 15-20% annual growth and hundreds of manufacturers across the country. These developments position India as a global healthcare hub, supplying vaccines worldwide while fostering thousands of biotech startups through strategic partnerships.

Key Points: India Pharma Exports to Cross $30 Billion This Year Says Minister

  • Pharma exports projected to surpass $30 billion from current $27.8 billion this year
  • Domestic pharma market expected to double reaching $130 billion by 2030
  • Medtech sector growing at 15-20% annually with 800 device manufacturers
  • Biotech startups surged from 50 in 2014 to over 11,000 currently
  • India supplies over 60% of global vaccines to 200+ countries
  • New UP partnership aims to accelerate pharma and biotech innovation
2 min read

Indian pharma exports expected to cross $30bn this year, rise sharply by 2030: Minister

India's pharma exports set to exceed $30 billion with domestic market projected to double to $130 billion by 2030, boosting MedTech sector growth.

"The rapid growth of India’s biotech ecosystem -- from about 50 startups in 2014 to more than 11,000 today -- reflects the sector’s potential - Jitendra Singh"

New Delhi, Sep 30

India’s pharma exports, currently valued at nearly $27.8 billion, are expected to cross $30 billion by the year-end, said Union Minister of State (Independent Charge) for Science and Technology Jitendra Singh on Tuesday.

Singh stated that India's domestic pharma market is $60 billion, but is expected to double, that is, $130 billion by 2030.

He added that the Medtech sector will also witness growth.

“Currently, there are around 800 medical device manufacturers in the country, and India's annual growth of the Medtech sector is 15 to 20 per cent,” said Singh.

He was speaking at the signing of an official Memorandum of Understanding (MoU) between the Department of Biotechnology (DBT) and the Government of Uttar Pradesh.

The agreement, executed through DBT’s Biotechnology Industry Research Assistance Council (BIRAC) and the Uttar Pradesh Promote Pharma Council (UPPPC), is part of a centre–state partnership model to accelerate innovation, entrepreneurship, and investment in the pharma, biotech, and MedTech sectors.

Such partnerships will help advance the vision of Viksit Bharat 2047 and reinforce India’s position as a provider of affordable healthcare solutions “made in India, made for the world”, the Minister said.

With India’s bioeconomy already valued at around $165 billion, the government sees such centre–state partnerships as a way to accelerate India’s emergence as a global hub for accessible biopharma and MedTech solutions.

“The rapid growth of India’s biotech ecosystem -- from about 50 startups in 2014 to more than 11,000 today -- reflects the sector’s potential to drive the country’s economic and healthcare goals,” Singh said.

He noted that India is now recognised as a global supplier of vaccines, with more than 60 per cent of the world’s vaccines manufactured here and over 200 countries receiving Indian-made doses.

- IANS

Share this article:

Reader Comments

R
Rohit P
Great to see UP getting involved in this partnership. More states should follow this model. However, I hope the government ensures that quality standards are maintained as we scale up. We don't want any compromise on medicine safety.
A
Arjun K
The vaccine manufacturing statistic is mind-blowing - 60% of world's vaccines made in India! 🎯 During COVID, we proved our capability to the world. Now we're building on that success. Proud moment for every Indian.
S
Sarah B
While the export numbers are impressive, I hope this growth also translates to better healthcare access and affordability for ordinary Indians. Sometimes we export the best medicines while our own people struggle to afford basic treatments.
V
Vikram M
Medtech sector growing at 15-20% annually is huge! This means more jobs for engineers, technicians, and healthcare professionals. Perfect timing for our youth to skill up in these emerging sectors.
K
Kavya N
"Made in India, made for the world" - what a powerful vision! 🌍 Our affordable medicines are reaching 200+ countries. This is soft power at its best. Hope we continue to focus on innovation and not just manufacturing.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50