Pharmaceuticals & Biotechnology

India is the world's tenth-largest pharmaceutical market in US dollar terms. 

Indian pharmaceutical supply nearly all of the country's demand for formulations and nearly 70% of its demand for bulk drugs. Indian firms produce nearly 60,000 generic brands in 60 therapeutic categories and between 350-400 bulk drugs. Approximately 80% of domestic production consists of formulations, and more than 85% of those formulations are sold in the domestic market, whereas at least 60% of bulk drug production is exported. There has been a shift towards greater technological advancement expedited with the onset of the COVID-19 pandemic. COVID-19 brought about the concern of drug dependence on any one economy, giving Indian pharma and advantage as countries look to diversify supply chains.