ASSOCHAM projects India pharma market at USD 120–130 billion by 2030

India’s pharmaceutical market could reach USD 120–130 billion by 2030 from an estimated USD 55 billion in 2025, while pharmaceutical exports crossed USD 30 billion in FY 2024–25, according to ASSOCHAM’s knowledge paper, Outlook on the Indian Pharmaceutical Sector.

The report stated that India supplies approximately 20 per cent of the world’s generic medicines by volume and contributes more than half of UNICEF’s vaccine procurement requirements, highlighting the country’s role in global healthcare supply chains.

In the foreword to the knowledge paper, Saurabh Sanyal, Secretary General, ASSOCHAM, said India has built a reputation as a supplier of medicines and vaccines, supported by manufacturing capabilities, scientific talent and the policy ecosystem. He noted that the sector’s next phase of growth would be driven by innovation, advanced therapies, artificial intelligence-led drug discovery, biosimilars and regulatory excellence. He also highlighted the need for higher investment in research and development, stronger industry-academia collaboration, future-ready talent and globally aligned regulatory standards.

According to the report, the next phase of growth will be driven by a global patent cliff on biologics, demand for advanced therapies, advances in artificial intelligence-driven drug discovery and geopolitical realignment of pharmaceutical supply chains.

The knowledge paper stated that biologics generating more than USD 40 billion in annual revenues are expected to lose exclusivity between 2025 and 2029, creating opportunities for biosimilar manufacturers. It added that the global biosimilars market, valued at USD 39.6 billion in 2025, is projected to reach USD 151.6 billion by 2033.

The report further stated that India’s bioeconomy has exceeded USD 150 billion and is projected to reach USD 300 billion by 2030, with biologics and biopharma expected to be growth drivers. It noted that government initiatives including Biopharma SHAKTI, Bio-RIDE and the BioE3 Policy are supporting the creation of an ecosystem linking research, manufacturing and commercialisation.

According to the knowledge paper, innovation, advanced therapies, biologics, artificial intelligence-led drug discovery, regulatory excellence and research-led development will shape the future of India’s pharmaceutical ecosystem. The report also highlighted the need for greater investment in research and development, stronger industry-academia collaboration, future-ready talent and globally harmonised regulatory frameworks.

The report outlined five strategic priorities for India Pharma 2030: global regulatory alignment and quality leadership; translational science and innovation financing; biologics and cell and gene therapy manufacturing leadership; pharma talent and research capability development; and domestic access, innovation adoption and Global South leadership.

According to the report, pursuing these priorities with consistency and coordination could enable India to achieve pharmaceutical exports approaching USD 75–80 billion by 2030, strengthen its position as a destination for pharmaceutical innovation and biologics manufacturing, and emerge as a leader in biosimilars and advanced therapies.

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