Indian pharma sector 3rd largest globally, valued at $50 bn in FY 2023-24: Centre

“According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry that is, pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores. 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23,” Patel said.

Meanwhile, the MoS also informed that the Department of Pharmaceuticals has set up seven National Institutes of Pharmaceutical Education and Research (NIPERs) as institutes of national importance. These institutes impart postgraduate and doctorate education, as well as conduct high-end research in various pharma specialisations.

Further, the Department has also framed a national policy to boost research, development, and innovation in pharmaceuticals and medical devices.

It is also aimed at creating an ecosystem for innovation in the sector in order for India to become a leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.