recent report by the Bain & Company in collaboration with Indian
pharmaceutical bodies said exports of India’s pharmaceutical industry
are projected to reach $350 billion by 2047.

This is an estimated 10-15 times increase from the current levels.
India, which currently ranks 11th in pharmaceutical export value, can
secure a position among the top five nations by 2047, the report said.

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The country’s pharma exports are expected to grow from approximately
$27 billion in 2023 to $65 billion by 2030, before reaching the
ambitious $350 billion target by India’s 100th year of independence,
it added.

India, being already a global leader in generic drug supply, is
expected to move up the value chain by focusing on specialty generics,
biosimilars, and innovative pharmaceutical products.

The report said the key to this growth would be India’s transition
from a volume-based approach to a value-driven strategy.

It further identifies three major areas that will drive this shift
which are strengthening domestic Active Pharmaceutical Ingredients
(APIs) production, investing in bulk drug parks, and ensuring
self-sufficiency in critical raw materials will be critical.

APIs exports, currently valued at $5 billion, are projected to reach
$80-90 billion by 2047.

With China dominating 35% of the outsourced API market, global supply
chain diversification efforts — such as the U.S. Biosecure Act —
present a major opportunity for India, it said.

Indian biosimilar exports, presently valued at $0.8 billion, are
expected to grow fivefold to $4.2 billion by 2030 and reach $30-35
billion by 2047.

Increased research and development investments, regulatory
simplifications in key markets like the US, and capacity expansion are
expected to boost India’s global standing in biosimilars.

Currently, the largest component of India’s pharma exports at $19
billion (70% of total exports), generic formulations are projected to
grow to $180-190 billion by 2047. Moving beyond commodity generics,
India must enhance its capabilities in specialty generics, which offer
higher margins and greater global market potential.

It highlighted that India supplies 55-60% of UNICEF’s vaccines but
must shift focus towards high-value markets through clinical trials
and manufacturing investments.

With over 40 new chemical and biological entities in development,
India’s pharmaceutical exports in innovation could reach $13-15
billion by 2047.

India’s contract development and manufacturing organisations (CDMOs)
and contract research organizations (CROs) are poised for growth,
driven by supply chain diversification efforts from developed
economies.