For the fiscal year 2024, the total annual turnover of the pharmaceutical sector reached Rs 4.17 lakh crore, reflecting an average growth rate of 10.1 percent over the past five years.
Notably, exports constituted 50 percent of the total turnover, valued at Rs 2.19 lakh crore in FY24, while imports in the pharmaceutical sector amounted to Rs 58,440.4 crore.
The survey highlighted that India’s overall pharmaceutical landscape reveals a pressing need to prioritise innovation, new drug development, and biopharmaceuticals due to the insufficient R&D investment compared to global benchmarks.
It also noted the government’s initiatives to bolster the sector, such as the Production-Linked Incentive (PLI) scheme and the Strengthening of Pharmaceuticals Industry (SPI) program.
The PLI scheme is designed to promote self-sufficiency and diminish reliance on imports for critical Key Starting Materials (KSMs), Drug Intermediates, and Active Pharmaceutical Ingredients (APIs).Additionally, the survey mentioned that in October 2023, the Central Drugs Standard Control Organisation granted approval for India’s first indigenous CAR-T cell therapy.
To facilitate faster access to new therapies, including gene therapy products and orphan drugs with significant therapeutic benefits, the Central Drugs Standard Control Organisation has recognised the regulatory approvals from the US, UK, Japan, Australia, Canada, and the European Union, thereby allowing for a waiver of local clinical trials for new drugs already approved and marketed in these countries.
