India’s USD 70B MedTech & pharma industry to double by 2030

India’s pharmaceutical and meditech industry, valued at approximately $70 billion, is on track to nearly double by 2030, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.

Chawla highlighted that this growth is driven by India’s expanding CRDMO (Contract Research Development Manufacturing Organisation) ecosystem, which is developing rapidly and is set to contribute significantly to the country’s economic and employment landscape.

He noted, “The CRDMO industry in our country is now growing at 12-14%,” providing opportunities for graduates, engineers, and technicians as the industry scales up its research and manufacturing capabilities.

India has also made notable strides in achieving a trade balance in bulk drug imports and exports. “For the first time in the closing year, we reached a trade balance between imports and exports as far as bulk drugs are concerned,” Chawla emphasised.

Last year, about half of India’s pharmaceutical and biological output was exported, marking a pivotal shift towards an export-oriented pharmaceutical industry as India edges closer to exporting more than 50% of its production.

The government’s healthcare expansion was underscored by the launch of five key pharmaceutical projects by Prime Minister Narendra Modi, involving a total greenfield investment of ₹5,000 crore. Chawla stated that this is part of the broader PLI (Production Linked Incentive) scheme, which has seen cumulative investments of about ₹35,000 crore across 55 projects, with another 30 in the pipeline. This investment push is designed to enhance India’s self-reliance, or “atma nirbharta,” in pharmaceuticals, achieve import substitution, and generate export revenues.

On Tuesday, Prime Minister Modi launched healthcare projects worth nearly ₹13,000 crore, aimed at enhancing India’s healthcare infrastructure. Among the initiatives was the extension of the Ayushman Bharat insurance scheme to all senior citizens over 70 years of age.

PM Modi also inaugurated Phase 2 of the All India Institute of Ayurveda and introduced drone services in 11 tertiary healthcare institutions. CNBCTV18