Driven By Innovation, Biologics And AI, India’s Pharma Market May More Than Double To USD 130 Billion By 2030: ASSOCHAM

India’s pharmaceutical sector is set to grow rapidly, with the market expected to exceed USD 120 billion by 2030, up from USD 55 billion in 2025, according to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Pharmaceutical exports, which reached USD 30 billion in 2024-25, are projected to surge to USD 75-80 billion by decade’s end, positioning India as a global leader in innovation-driven drug manufacturing. The shift will move beyond generics, with biologics, biosimilars, and AI-driven drug discovery becoming key drivers. India already supplies 20% of the world’s generic medicines and meets over half of UNICEF’s vaccine needs, but future growth will rely on advanced therapies and research partnerships. ASSOCHAM highlights the approaching patent cliff for biologics, with USD 40 billion in annual revenues set to lose exclusivity between 2025 and 2029. Indian firms are investing in biosimilars, a market expected to grow from USD 39.6 billion in 2025 to USD 151.6 billion by 2033. AI is accelerating drug development by reducing timelines and costs, while demand for precision medicine and gene therapies reshapes the industry. India’s bioeconomy, now at USD 150 billion, is projected to reach USD 300 billion by 2030, with biopharmaceuticals playing a major role. The report emphasizes the need for increased R&D investment, specialized talent, and alignment with global regulatory standards to sustain growth. Government initiatives like Biopharma SHAKTI are supporting this transition, ensuring India remains competitive in the evolving pharmaceutical landscape.