The pharmaceutical industry is on the verge of substantial growth and is predicted to account for 5 percent of the global market by 2030, according to a report by Bain & Company.
The global pharmaceutical market, currently worth approximately USD 55 billion, is expected to grow by 2.2 to 2.4 times its current value within the next six years, reaching a projected range of USD 120 billion to USD 130 billion.
The global pharmaceutical market, currently valued at approximately $55 billion, is projected to reach $120 to $130 billion by 2030 and is expected to approach $450 billion by 2047."
Its position as a prominent player in the global pharmaceutical industry.
Pharmaceutical exports are a vital component of the country's economy, accounting for 6% of the total value of merchandise exports. In 2023, the value of pharmaceutical exports totaled USD 27 billion, a significant increase from USD 19 billion in 2018, with an annual growth rate of 8%.
According to the report, over 70% of these exports are formulations, whereas 20% consist of bulk drugs and drug intermediates. Other export categories include vaccines, biosimilars, and innovative products like New Chemical Entities (NCEs) and New Biological Entities (NBEs).
This region has become a leading pharmaceutical hub worldwide, boasting over 10,000 manufacturing facilities, 3,000 pharmaceutical companies, and 650 plants that meet US FDA standards - the highest number outside the US. It is the world's largest supplier of generic medicines, accounting for one in five generic drugs sold globally.
has earned the title of the "pharmacy of the world."
Pharmaceutical exports rank eleventh globally in terms of value, accounting for 3 percent of total pharmaceutical exports.
The global pharmaceutical industry is poised for significant growth over the next several years.