India's pharmaceutical industry is poised for exponential growth, with T. Ravichandiran, Vice President of the Indian Drug Manufacturers Association (IDMA) South Region, projecting its market value to rise from the current USD 56 billion to USD 130 billion by 2030 — and an ambitious USD 500 billion by 2047.

Presenting an overview of the Indian pharma industry at the 10th edition of Pharmac South Expo at the Chennai Trade Centre on Friday (July 4, 2025), Ravichandiran highlighted India’s impressive pharmaceutical manufacturing capacity.

He noted that India is well-positioned to meet growing global demand for pharmaceuticals, with 741 US FDA-approved plants, 386 European-approved plants, and over 2,000 WHO Good Manufacturing Practices (GMP) -certified facilities.

According to him, over 8,000 MSME units are currently working towards compliance with revised Schedule M and WHO GMP accreditation, further strengthening India’s pharma manufacturing backbone.

Ravichandiran, who also serves as Chairman and Managing Director of Thanjavur-based Pharm Products Pvt Ltd, underscored the contribution of Tamil Nadu’s pharma sector, praising its quality standards and manufacturing capabilities.

Tamil Nadu is a strong player in the Indian pharma growth story, he stated.

He acknowledged the Indian government’s strong support for the sector through various schemes such as the Production Linked Incentive (PLI) scheme, the Promotion of Research and Innovation in Pharma MedTech (PRIP) scheme, and Skill Development Programmes.

He also highlighted the establishment of Bulk Drug Parks as key examples of the government’s extensive support.

He also stressed the significance of the Revamped Pharmaceutical Technology Upgradation Assistance Scheme (RPTUAS), which provides financial support, often in the form of subsidies, to help companies upgrade their production facilities and meet global compliance standards.

Further, Revichandran cited the extension of the deadline for implementing revised Schedule M until December 31, 2025, as a prime example of the governmental backing.

Despite India’s robust pharma ecosystem — which includes nearly 7,000 formulation units serving around 900,000 pharma traders and 1.3 million doctors — Ravichandiran acknowledged ongoing challenges, including regulatory hurdles, stiff international competition, and a continued reliance on China for Active Pharmaceutical Ingredients (APIs).

He described the ongoing Pharmac South Expo as a vital platform for pharma companies to showcase their products and manufacturing capabilities, thereby addressing the increasing need for medicines worldwide.

Beyond product display, the two-day event (concluding on July 5) also facilitates crucial networking opportunities between sellers and buyers, fostering the exchange of both ideas and products.