As per industry experts, India's pharmaceutical business could exceed USD 130 billion by 2030, owing to expanding market opportunities and increased demand in international markets. They stated that the company's revenue for the fiscal year 2022-23 was more than USD 50 billion.
Veeramani S V, Chairman of PharmExcil (Pharmaceuticals Export Promotion Council of India), stated that the Indian pharmaceutical industry is on a strong growth trajectory, as evidenced by an 8% year-to-date increase in exports and a remarkable 29% increase in October alone.
"This growth is propelled by expanding market opportunities, heightened demand in the USA, and critical shortages of medicines in the US and Europe. Despite challenges in CIS countries, the global reception of Indian pharmaceuticals remains positive," he said.
Veeramani stated that the domestic market has grown at a rate greater than 10%. "Driven by this momentum, I am confident in reaching the 130 billion mark by 2030," he told reporters.
The figures were revealed at the launch of the 16th edition of the CPHI & PMEC India Expo, a premier pharmaceutical B2B event held at the India Expo Mart and Centre in Greater Noida.
Informa Markets said this edition, their largest ever, drew over 50,000 visitors from around the world, with more than 1,500 exhibitors showcasing over 10,000 products and representation from over 80 countries.
