The pharmaceutical industry in India is a significant contributor to the country’s economy, with revenue of $50 billion in 2022. The industry is diverse, with a large number of domestic and multinational companies operating in the market. As of 2023, India’s pharmaceutical industry was the third largest in the world by volume. India’s pharmaceutical sector has a low manufacturing cost, at least 35% lower than the West, and cost-efficient research and development/
The country’s large diverse population makes it a prime location for clinical trials.Increasing urbanization, consumer spending, and purchase of healthcare insurance contribute to the growth of this sector.
Indian pharmaceutical exports serve over 200 countries. According to IBEF, India is the largest supplier of generic drugs, along with supplying 60% of the global demand for vaccines, earning India the nickname “The Pharmacy to the World”. India also has the highest number of U.S. FDA-approved pharma plants outside of the United States, with over 800.
The industry’s most important cities are the Western cities of Mumbai and Ahmedabad, the Southern cities of Bangalore and Hyderabad, and the Eastern city of Visakhapatnam.
Some major pharmaceutical firms in India and their main products are:
- Sun Pharmaceutical Industries Ltd. – neurological, cardiological, and nephrological medicines
- Dr. Reddy’s Laboratories Ltd – generic drugs
- Cipla Ltd – antiretroviral drugs (HIV)
- Torrent Pharmaceuticals Ltd – cardiovascular and central nervous system medicines
- Lupin Pharmaceuticals Inc. – respiratory and cardiovascular medicines
- Aurobindo Pharma Ltd. – antibiotics
- Cadila Healthcare – dosage formulations
- Sun Pharmaceuticical Industries Ltd. – neurological, cardiological, and nephrological medicines
- Glenmark Pharmaceuticals – dermatological and gynecological medicines
- Divis Laboratories Ltd. – APIs for generic drugs
Foreign multinationals such as Bayer, GSK, Johnson & Johnson, Novartis, Pfizer, Sanofi-Aventis and Viatris have a strong presence in India.
The future is bright for India’s pharmaceutical industry as it continues to grow. As a result, the Indian population experiences positive health trends as expensive medicines become more affordable.
