Indian pharma exports to reach USD 65 billion by 2030
India needs to innovate and diversify its export basket to include speciality generics and biosimilars to secure the top five position in export value by 2047.
11 Feb 2025 | By WhatPackaging? Team
Indian pharmaceutical exports are expected to double to USD 65 billion by 2030. With product diversification, the value will reach USD 350 billion by 2047, putting Indian pharma exports in the top five globally.
India is termed the pharmacy of the world because it is the world's largest supplier of generics, accounting for one in five generics sold globally. The nation ranks 11th in terms of export value.
India can potentially secure the top five position in export value by 2047 by innovating and diversifying its export basket to include speciality generics, biosimilars, and innovative products, according to Bain & Company's report titled Healing the World: Roadmap for Making India a Global Pharma Exports Hub.
The Commerce Ministry on 31 January 2025 withdrew provisions related to the track and trace system for pharmaceutical exports under the foreign trade policy. The track and trace system was introduced via public notice dated 10 January 2011 and mandated barcoding at various packaging levels. While tertiary and secondary packaging requirements were successfully implemented in 2011 and 2013, primary-level barcoding and parent-child data uploading faced operational challenges and were repeatedly deferred, with the last extension valid until 1 February 2025.
The Directorate General of Foreign Trade (DGFT) has decided to streamline export regulations by aligning with the evolving regulatory framework of the Ministry of Health & Family Welfare (MoH&FW). The MoH&FW has already implemented barcode/QR code requirements for 300 drug brands under the Drugs Rules, 1945, effective 1 August 2023, with plans for further expansion.
With this step, DGFT is enhancing the ease of doing business for pharmaceutical exporters while ensuring regulatory coherence. Accordingly, the provisions under para 2.76 of the Handbook of Procedures (HBP) 2023 have been withdrawn.
The report findings were formulated in collaboration with the Indian Pharmaceutical Alliance (IPA) and Pharmexcil.