Indian pharma industry is the third largest pharma industry in terms of volume and 14th largest in terms of value. In the 1970s, the domestic pharma market was about Rs.650 crore. It has escalated to Rs.1.67 trillion in 2022. The indigenous industry accounts for 90 per cent of this market. By 2030, the industry is expected to touch from the current $45 billion to $120-$130 billion, and in the long term by 2047 to $400-450 billion. The industry will be observing the centenary in 2047 of Indian independence.

The industry is represented by the Indian Pharmaceutical Alliance (IPA).

India caters to a large generics market in the USA.

Bangalore and Hyderabad have become hubs for pharma startups. There should be more such hubs. The early industry was shaped by entrepreneurs, say scientists and risk-takers. They took advantage of the process patent allowed in the 1970s.

India has to take baby steps in the new drug discovery now. India requires pathbreaking innovations.