The Economic Survey 2023-24, presented in Parliament on Monday, highlighted the urgent need for skill advancement, innovation, and a robust supply chain to propel the domestic pharmaceutical industry towards its projected growth. The sector is anticipated to expand to USD 130 billion by 2030.

Currently valued at approximately USD 50 billion, the Indian pharmaceutical market is the third-largest globally by volume. The survey emphasized that reaching the USD 130 billion mark will require significant enhancements in the workforce’s skill set, greater adoption of innovative technologies, and the establishment of a strong and resilient supply chain.

“The next leg of growth in the pharma sector necessitates skill advancement, the use of innovation and technology, and the establishment of a strong supply chain,” the survey stated.

The government’s focus on these areas aims to ensure that the pharmaceutical industry can meet future demands and continue to be a major player on the global stage. This strategic push is expected to bolster India’s position as a leading pharmaceutical hub, capable of delivering high-quality and affordable medicines worldwide.

The survey’s findings underscore the critical role of innovation and skill development in sustaining and accelerating the growth of the pharmaceutical industry in the coming years.