India’s pharmaceutical industry delivered a strong performance in the financial year 2024–25, recording a total turnover of INR 4.72 lakh crore, according to the latest Economic Survey. The figures highlight the sector’s resilience and its growing role as a key contributor to India’s economy and global healthcare supply chain.

Exports continued to be a major growth driver, with Indian pharmaceutical products reaching more than 190 countries. Over the past decade, pharma exports have grown at a steady pace, supported by strong demand from regulated markets such as the United States and Europe. Indian drugmakers have also expanded their presence in emerging markets, helping diversify export destinations and reduce regional risk.

By value, India ranks among the world’s leading pharmaceutical producers, driven largely by its strength in generic medicines and vaccines. The country remains a major supplier of affordable vaccines and essential drugs, reinforcing its reputation as a reliable partner in global public health.

The Economic Survey notes that the industry is increasingly shifting from volume-led growth to a value-driven model, with greater emphasis on complex generics, biosimilars and innovative products. This transition is expected to enhance competitiveness and improve margins, while enabling Indian companies to move up the global pharmaceutical value chain.

The medical devices segment has also gained momentum, reflecting broader expansion in advanced healthcare manufacturing. At the same time, the survey highlights ongoing challenges, particularly India’s dependence on imports for certain active pharmaceutical ingredients and intermediates. To address this, the government has rolled out production-linked incentive schemes and other policy measures aimed at strengthening domestic manufacturing capacity and improving supply chain resilience.

Looking ahead, the survey underscores the importance of sustained investment in research and development, regulatory harmonisation with global standards and continued export diversification. Industry experts believe these factors will be critical in maintaining growth momentum and ensuring that India’s pharmaceutical sector remains globally competitive.