India is aiming to grab a bigger piece of the global pharmaceutical market and challenge China as the world’s pharmacy. India’s pharma market is the third largest in volume across the globe, and the 14th largest in value.
However, it is poised for more. Analysts expect that the country’s global market share in pharma will swell as the industry is currently valued at $50 billion and is expected to pass $130 billion by 2030.
A slew of governments in the West are in the process of pivoting away from China supply chains, which they view as posing increased risk to business continuity. India is set to benefit from new opportunities from large biotech companies looking to partner with Indian manufacturers for drug development.
India's pharmaceutical industry has seen an 8% year-to-date increase in exports and a 29% boost in this past month alone. The country is benefiting from new growth opportunities caused by greater demand from the U.S. and medicine shortages in Europe.
What does this mean for me?
India is already one of the biggest suppliers of low-cost vaccines in the world, making up 60% of global vaccine production. The country leads the world in generic medicine production, accounting for some 20% of global demand.
Now, the country wants to gate crash the medical devices sector too. With a proven commitment to innovation, quality, and cost-effectiveness, analysts believe it will continue to scoop up market share in this sector as well.