In the global pharmaceuticals sector, India is a rising player and plays a significant role. Worldwide, the Indian Pharmaceutical industry ranked 3rd in terms of production by volume and 14th by value. India is the largest supplier of generic medicines worldwide, occupying a 20 percent contribution in global or overall supply in terms of volume. The nation is the leading manufacturer of vaccines globally.
India also has the highest number of pharma plants (US FDA compliant) outside of the USA and is a hub to beyond 3K drug companies with a deep network of more than 10,500 manufacturing units. Generic drugs, Over-the-counter (OTC), vaccines, bulk medicines, contract research & manufacturing, biologics, and biosimilars are some of the key segments of the Indian pharmaceutical industry.
India has 500 API producers that account for approximately 8 percent of the overall API market. Indian pharma industry fulfills more than 50 percent of global requirements for various vaccines, 40 percent of generic requirements in the United States, and 25 percent of all medicine in the UK. The Indian pharma industry enabled by its competitive price and good quality has made a global mark.
More than 80 percent of the antiretroviral medicines used globally to combat AIDS are supplied by Indian pharma firms. The nation is rightfully known as the PHARMACY OF THE WORLD because of the low cost and optimum quality of its medicines.
Market Size: As per the Indian Economic Survey 2021: