Celebrating Indian Pharmaceutical Sector’s Journey

Mumbai, Maharashtra, India:
The Indian Pharmaceutical Alliance (IPA) celebrated its 25th anniversary on 19^th August 2024, marking two and a half decades of the Indian pharma’s contributions since its inception. This journey began at a crucial juncture when the Indian pharmaceutical industry was set on a growth trajectory, fueled by the economic reforms of 1991. These reforms empowered Indian pharma companies to expand and penetrate global markets and establish themselves as key players in the knowledge-driven sector.

Over the past quarter-century, the sector has undergone a transformational journey, evolving from a modest domestic market to a global manufacturing powerhouse. Today, Indian pharma stands at $ 57 Bn with exports soaring to $ 28 Bn in 2023-24 from $ 729 Mn in 1998-99, making it a key contributor to the nation’s trade surplus ($ 19 Bn in 23-24 from $ 300 Mn in 1998). During the COVID-19 pandemic, the industry demonstrated resilience and leadership, ensuring an uninterrupted supply of quality medicines to over 200 countries, further cementing India’s status as the “Pharmacy of the World”.

Today, the industry stands at the cusp of transformation, with innovation taking centre stage as companies venture into new molecules, biologics, biosimilars, complex generics, and more. The industry’s focus on its key priorities: Innovation, Quality, and Global Reach is steadfast, as the sector aims to realize the vision of a $ 120 Bn market by 2030 and $ 400 Bn by 2047. By 2047, the Indian pharma sector is poised to become the world’s largest by volume and rank among the top five globally by value.

To commemorate this milestone, IPA launched the “Pharma Archiving” initiative, which includes:

• • A coffee-table book documenting the evolution of the pharmaceutical industry

• • The Pharma Archives Digital Dashboard, featuring oral history interviews and archival materials

• • The first comprehensive book on the Indian pharmaceutical industry’s evolution