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Indian pharma industry to play a crucial role in global market: Raja Bhanu
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Shardul Nautiyal, Greater Noida
August 31 , 2024
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The Indian pharmaceutical industry is set to further strengthen its position in the global market, said K Raja Bhanu, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil).
Speaking at the concluding day of the iPHEX 2024 event, Bhanu stated that India's role in the global pharmaceutical landscape is not only pivotal but also transformational, underscoring the nation's contributions to healthcare advancements and economic growth.
He further added that plans are underway to replicate iPHEX in Global South going forward to add renewed heft to the Indian pharmaceutical sector.
The three-day premier event started on August 28, 2024, at the IEML Knowledge Park-II, Greater Noida. iPHEX 2024 is an important event, representing the largest platform to showcase the entire Indian pharmaceutical spectrum to a global audience. Organized by Pharmexcil, this event is a hub of innovation, collaboration, and industry insights.
The global pharmaceutical market, valued at USD 1,493 billion in 2023, is expected to grow to USD 1,922 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.1%. Within this expanding market, the generic drug segment is anticipated to see a rise from USD 482 billion in 2023 to USD 664 billion by 2028, marking a CAGR of 6.6%. The Asia-Pacific region leads the global market for generic drugs, valued at USD 224 billion, followed by Europe at USD 125 billion, North America at USD 89.5 billion, Latin America at USD 23.4 billion, Africa at USD 9.8 billion, and the Middle East at USD 9.5 billion.
India's pharmaceutical sector continues to play a critical role in the global market, showcasing robust growth in exports, which have rebounded to pre-pandemic levels with a 9% increase in FY24. From FY14 to FY24, India’s pharmaceutical exports have soared from USD 14.9 billion to USD 27.9 billion, marking a remarkable growth of over 90%. Currently, India ranks third globally in pharmaceutical production by volume and fourteenth by value, cementing its status as a major player in the healthcare industry.
Bhanu highlighted India's significant contribution to global health, noting that Indian pharmaceutical companies supply approximately 47% of generic prescriptions in the United States and produce 15% of the world's biosimilars. "Indian medicines are not just affordable; they are essential to global healthcare, providing significant savings to economies worldwide," Bhanu noted. In 2022 alone, Indian-made medicines saved the US healthcare system USD 219 billion, with cumulative savings expected to reach USD 2.6 trillion over the next five years.
India's capacity for large-scale vaccine production was spotlighted during the Covid-19 pandemic, reinforcing its role in global health initiatives. Through programmes like Vaccine Maitri and participation in COVAX, India exported 2.3% of global Covid-19 vaccine doses, showcasing its manufacturing capabilities. Additionally, India committed over USD 100 million to health projects in South and Southeast Asia and Africa, further establishing its leadership in global healthcare.
A groundbreaking innovation from India is NexCAR19, the country's first indigenous CAR-T therapy, developed through a collaboration between IIT Bombay, Tata Memorial Centre, and ImmunoACT. Bhanu remarked, "Innovations like NexCAR19 are a testament to India's potential in pioneering affordable, cutting-edge therapies, positioning us as leaders in advanced cell and gene therapy."
Reinforcing its reputation as the "Pharmacy of the World," India remains a major supplier of low-cost vaccines and generic medicines. In FY24, India’s pharmaceutical exports totaled USD 27.85 billion, reflecting a growth of 9.66%. Pharmaceuticals constitute 9.67% of India’s merchandise exports, with drug formulations and biologicals being the second-largest export category.
India has actively engaged in several trade agreements, including the Comprehensive Economic Partnership Agreement (CEPA) with the UAE and the Economic Cooperation and Trade Agreement (ECTA) with Australia. Negotiations are also underway with the European Free Trade Association (EFTA), the United Kingdom, the European Union, Israel, Oman, and other countries, aimed at enhancing market access and trade partnerships.
In FY24, India exported pharmaceutical products to over 200 countries, with around 70% of these exports destined for highly regulated markets such as North America and Europe. The United States remains India's largest pharmaceutical export partner. Bhanu highlighted that "10 of the top 25 global generic companies are from India, underscoring our capability and commitment to global health." From January to October 2023, Indian companies secured 67% of market authorizations granted by the US FDA.
In Africa, India supplied 25% of the generic pharmaceutical market, valued at USD 8.25 billion in FY24, and continues to be a key supplier for the World Health Organization’s Essential Immunization Program, providing 65-70% of the required vaccines.
As India continues to strengthen its foothold in the global pharmaceutical market, Raja Bhanu emphasized the need for sustained innovation, strategic partnerships, and adherence to regulatory standards to maintain and build upon this momentum. "Our journey is one of collaboration, innovation, and unwavering commitment to quality, ensuring that India remains at the forefront of global healthcare solutions," he concluded.
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