Maharashtra Strengthens its Role in India’s Pharma Story

The Indian pharmaceutical industry has established itself as a global force, recognised for its scale, resilience and ability to deliver affordable healthcare solutions.

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It is today the world’s third largest industry by volume and the fourteenth by value. In FY 2023-24, it recorded an annual turnover of Rs 4,17,345 crores, reflecting an average growth rate of over 10 per cent a year during the past five years. Exports accounted for Rs 2,19,439 crores, while imports stood at Rs 58,440 crores—figures that illustrate India’s growing stature as a reliable global supplier of safe and affordable medicines.

This reputation has earned India the title of the “Pharmacy of the World”. The country produces around 60,000 generic brands across 60 therapeutic categories and supplies nearly 20 per cent of the global demand for generics. A landmark achievement has been its role in making HIV treatment affordable, saving millions of lives worldwide and demonstrating the social impact of Indian manufacturing.

The credibility of India’s pharmaceutical sector is also reflected in its regulatory standards. It has the highest number of US FDA-compliant plants outside the United States and manufactures nearly 500 active pharmaceutical ingredients (APIs), which account for about eight per cent of the global API market. India is also a leader in vaccine production, meeting 60 per cent of UNICEF's demand, 40-70 per cent of the WHO's demand for DPT and BCG vaccines, and an impressive 90 per cent of the WHO's requirement for measles vaccines. These figures underline the trust the international community places in India’s pharmaceutical capabilities.