Domestic pharma market to double to $130bn by 2030
India’s pharma exports are expected to cross US$30 billion by this year end, up from the current value of nearly US$27.8 billion, Minister of State for Science and Technology Dr Jitendra Singh said on 30 Sept https://www.commerce.gov.in/ .
Meanwhile, the Minister disclosed that India’s domestic pharma market is expected to double, that is, US$130 billion by 2030 from US$60 at present.
He was speaking after the signing of an official Memorandum of Understanding (MoU) between the Department of Biotechnology (DBT), Govt of India and the Government of Uttar Pradesh.
The agreement, executed through DBT’s Biotechnology Industry Research Assistance Council (BIRAC) and the Uttar Pradesh Promote Pharma Council (UPPPC) is part of a centre–state partnership model to accelerate innovation, entrepreneurship, and investment in the pharma, biotech, and MedTech sectors.
Currently there are around 800 Medical Device manufacturers in the country and India’s annual growth of the Med Tech sector is 15% to 20%, said Dr Jitendra Singh https://www.bseindia.com/.
Officials said the collaboration will focus on advancing research and innovation, building a stronger ecosystem for startups, enhancing skill development and knowledge exchange, fostering closer industry linkages with SMEs and MSMEs, and catalyzing greater investment in the sector.
Dr Jitendra Singh said the rapid growth of India’s biotech ecosystem — from about 50 Startups in 2014 to more than 11,000 today — reflects the sector’s potential to drive the country’s economic and healthcare goals. He noted that India is now recognized as a global supplier of vaccines, with more than 60 per cent of the world’s vaccines manufactured here and over 200 countries receiving Indian-made doses https://www.nseindia.com/.
The Minister credited the growth to policy support and a whole-of-government approach under which the DBT and its agencies have been reaching out to states to build collaborations. He said partnerships like the new DBT–UP agreement will help advance the vision of Viksit Bharat 2047 and reinforce India’s position as a provider of affordable healthcare solutions “made in India, made for the world”.
DBT Secretary and BIRAC Chairman Dr Rajesh S. Gokhale said the agreement with Uttar Pradesh would “unlock innovation pipelines and scale up affordable technologies”.
Senior state government officials underlined their commitment to positioning the state as a hub for pharma, biotech, and MedTech, pointing to projects such as the Biotech Park in Lucknow, the Medical Device Park in Greater Noida, and the Bulk Drug & Pharma Park in Lalitpur.
With India’s bioeconomy already valued at around US$165 billion, the government sees centre–state partnerships such as the DBT–UP collaboration as a way to accelerate India’s emergence as a global hub for accessible biopharma and MedTech solutions.
At the ceremony, Awanish Kumar Awasthi, advisor to the Uttar Pradesh Chief Minister, said the state was committed to positioning itself as a hub for pharma, biotech, and MedTech. With DBT-BIRAC’s support, he noted, initiatives such as the Biotech Park in Lucknow, the Medical Device Park in Greater Noida, and the Bulk Drug & Pharma Park in Lalitpur would be scaled up to nurture startups and foster research collaborations that can transform healthcare delivery.
Dr Jitendra Kumar, Managing Director of BIRAC, said the partnership would focus on skill development, incubation, and commercialization, ensuring that innovations reach markets faster and generate wider social and economic benefits https://www.makeinindia.com/home/.
The event was attended by Additional Chief Secretary of Uttar Pradesh Amit Kumar Ghosh and senior officials from DBT, BIRAC, and the Uttar Pradesh government, underscoring the shared commitment of both Centre and State to expand India’s biotechnology and pharma landscape. Fiinews.com
