Indian Pharma Surge: 8% CAGR Growth, 9% Export Spike in 2024

Regulatory compliance in India’s pharma industry has improved, with stricter standards and better outcomes.

India’s pharmaceutical sector has recorded an impressive 8% compound annual growth rate (CAGR) and a 9% increase in export rates in 2024, () according to a report by McKinsey & Company. The report highlights rapid production expansion and growing capabilities in active pharmaceutical ingredients (APIs) and biotechnology, positioning India as a key player in the global pharmaceutical landscape.

India: Global Powerhouse of Generic Medicines

With this growth, India has solidified its position as the world’s largest supplier of generic medicines, outpacing global averages. The country currently fulfills 20% of global pharma demand, supplying over 40% of generic medicines to the US and 25% to the UK. Additionally, India remains a crucial supplier of vaccines, meeting over 60% of the global demand, and dominates the HIV treatment segment by providing 70% of global antiretroviral drugs.

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‘Indian #pharma's growth continues! To lead globally, companies must balance innovation, regulation, & sustainability. #India’

The report also highlights India's advancements in emerging treatment modalities such as mRNA technology, cell and gene therapies, and antibodies. These segments are growing at a rate of 13-14% CAGR, significantly outpacing conventional drug development.

The country now has 752 US Food and Drug Administration (USFDA)-approved generic manufacturing sites, 2,050 WHO Good Manufacturing Practice (GMP)-certified plants, and 286 European Directorate for the Quality of Medicines (EDQM)-approved facilities. Moreover, compliance outcomes have improved drastically, with instances of ‘official action indicated’ (OAI) post-USFDA inspections dropping by 50% over the past decade.

Sustainability efforts within the industry are also gaining momentum. Ten of India’s top 20 pharmaceutical companies have committed to reducing emissions by over 30% by 2030, underscoring a shift toward greener manufacturing practices.

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However, the report also points to potential challenges. The rise of digital transformation, automation, and advanced treatment technologies is reshaping pharmaceutical operations. Additionally, geopolitical uncertainties, nearshoring trends, and increasing sustainability mandates could impact the sector’s future growth trajectory.

“India’s pharmaceutical industry stands strong today because of what it has built over the last decade,” said Vishnukaant Pitty, Partner at McKinsey & Company. “With disruptions on the horizon, it is crucial for the industry to embrace these strategic themes and fundamentally transform its operating model to unlock a high-performance future.”

Reference:

Indian Pharmacy: Pharma Companies in India - (https://www.ibef.org/industry/pharmaceutical-india)

Source-Medindia

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