India's pharmaceutical exports are approaching $30 billion and may surpass that threshold by year-end from their current level of $27.8 billion, according to Union Minister Jitendra Singh on Tuesday. The domestic pharmaceutical market stands at $60 billion and could reach $130 billion by 2030. Singh announced these projections during the signing of a memorandum of understanding between the Department of Biotechnology and the Uttar Pradesh government.
The agreement involves the Biotechnology Industry Research Assistance Council and the Uttar Pradesh Promote Pharma Council to boost innovation in pharmaceutical and medical technology sectors. India hosts approximately 800 medical device manufacturers, with the sector growing at 15 to 20 percent annually. The country's bioeconomy has reached $165 billion, and biotechnology startups have expanded from 50 in 2014 to more than 11,000 today.
India manufactures over 60 percent of the world's vaccines, with more than 200 countries receiving Indian-produced doses. The minister emphasized that center-state partnerships will support the Viksit Bharat 2047 vision, but strengthen India's role as a provider of affordable healthcare solutions globally.
The agreement involves the Biotechnology Industry Research Assistance Council and the Uttar Pradesh Promote Pharma Council to boost innovation in pharmaceutical and medical technology sectors. India hosts approximately 800 medical device manufacturers, with the sector growing at 15 to 20 percent annually. The country's bioeconomy has reached $165 billion, and biotechnology startups have expanded from 50 in 2014 to more than 11,000 today.
India manufactures over 60 percent of the world's vaccines, with more than 200 countries receiving Indian-produced doses. The minister emphasized that center-state partnerships will support the Viksit Bharat 2047 vision, but strengthen India's role as a provider of affordable healthcare solutions globally.
