Representational image only.
| Photo Credit: Special arrangement

“The Indian pharmaceutical sector, currently valued at $55 billion, is expected to reach $130 billion by 2030 and $450 billion by 2047,” experts said at an industry event. 

With exports currently contributing $27.85 billion, India is solidifying its position as the ‘Pharmacy of the World,” they added. 

“The industry’s advancements in biologics, specialty generics and AI-driven technologies are redefining health-care solutions worldwide,” they said, adding that India as a key player in global exports, is expected to continue its upward trajectory, targeting a $1 trillion industry revenue including exports by 2047.

Speaking at CPHI & PMEC India, organised by Informa Markets in India, K. Raja Bhanu, Director General, Pharmexcil said, “The Indian pharmaceutical sector, a key focus area for exports, has demonstrated remarkable growth, with current market size at $55 billion and exports contributing $27.85 billion.”

“Projections indicate exports will soar to $130 billion by 2030 and $450 billion by 2047,” he said. Namit Joshi, vice-chairman, Pharmexcil said, “The Indian pharmaceutical industry has solidified its global position as the ‘Pharmacy of the World’ and earned recognition as the ‘Healers of the World’ through its exceptional contribution to COVID-19 vaccine distribution.”

“With exports nearing $27.84 billion and innovative advancements like nanoparticles and improved drug delivery systems, India continues to lead. Integrating IT with pharmaceuticals will further strengthen its role, paving the way for dominance in biologics and biosimilars,” he said. 

Pharma exports to grow at a faster clip, touch $31 billion in FY25 

Harish K. Jain, president, Federation of Pharma Entrepreneurs (FOPE) said, “By 2030, we expect our exports to grow significantly, with 70% directed to Europe and the U.S. Our industry’s impact is enormous — Indian pharmaceuticals contribute $8 billion annually to the U.S. healthcare system, saving patients more than $1.5 trillion,” he said. 

“With growing capabilities in AI, machine learning, and biologics, India is poised to become the world’s leading pharmaceutical hub, targeting a $1 trillion industry by 2047,” he added. 

Yogesh Mudras, Managing Director, Informa Markets in India said, “Having evolved into a vibrant sector, India now ranks third globally in pharmaceutical production by volume and 14th by value, contributing approximately 1.72% to the nation’s GDP. India is among the top 12 global biotechnology destinations and the third largest in the Asia-Pacific region.”

“This leadership stems from key advantages such as a low manufacturing cost, which is 30%-35% lower than in the U.S. and Europe, cost-efficient R&D at 87% less than developed markets and an abundant pool of skilled labour. These strengths position India as a formidable player in shaping the future of global health care,” he said.

Image for representation purpose only.
| Photo Credit: AP

India’s drug exporters body Pharmexcil has alerted members to a shortage of intravenous (IV) fluids the U.S. is facing in the aftermath of Hurricane Helene damage to a facility and urged them to explore the opportunity to chip in with supplies.

Manufacturers of intravenous fluids having approvals from the U.S. FDA/EU/SRA countries as well as the capacities to supply intravenous fluids to the U.S. are requested to submit their willingness to supply, Pharmaceuticals Export Promotion Council of India Director General Raja Bhanu said.

The communication to the members recently followed the Embassy of India in Washington informing the exporters body under the Commerce Ministry about a critical shortage of IV fluids prevailing in the U.S. due to the serious damage Hurricane Helene caused to a Baxter International plant.

The U.S. President has declared a national public health emergency due to the shortage of the critical fluids that are required for surgeries and other medical procedures. Several hospitals have postponed non-essential medical procedures, while the U.S. FDA has also authorised import of the fluids from other countries, it said.

Hurricane Helene that raged through in late September was one of the deadliest storms to wreak havoc on the U.S. since Hurricane Katrina in 2005. According to reports atleast 200 people died.

As another support measure, consequent to the shortage of the fluids, the U.S. FDA on October 28 announced extended use dates for some parenteral drug products, after a review of the stability data submitted by Baxter International, which is a leading manufacturer of the fluids.

Separately, in an update, the company said its North Cove manufacturing site was significantly impacted by the rain and storm surge from Hurricane Helene, which was unprecedented in Western North Carolina and resulted in water flooding the facility. “We are encouraged to report that, barring any unanticipated developments, Baxter anticipates restarting the highest-throughput IV solutions manufacturing line this week. Initial batches will be manufactured concurrently with ongoing quality activities and would only be released in accordance with applicable regulatory requirements to ensure the quality and safety of the products. It is important to note that the earliest that new North Cove product could begin entering the distribution channel is mid- to late-November,” it said.

In pictures: Rage of Hurricane Helene

Structures destroyed on the bank of river Crystal after Hurricane Helene made landfall in Steinhatchee, Florida.

People and pets are rescued from flooded neighbourhoods in the aftermath of the hurricane on Friday (September 27, 2024) in Crystal River, Florida.

Western North Carolina was essentially cut off because of landslides and flooding that forced the closure of Interstate 40 and other roads.

A man and his dog being rescued after his sailboat became disabled during Hurricane Helene approximately 25 miles off Sanibel Island, Florida on Thursday (September 26, 2024)

The hurricane caused several
billions of dollars of destruction across the southeastern U.S.

Several flood and flash flood warnings remained in effect in parts of the southern and central Appalachians, while high wind warnings also covered parts of Tennessee and Ohio.

Moody’s Analytics said it expects $15 billion to $26 billion in property damage.

Officials urged people who were trapped to call for rescuers and not tread floodwaters, warning they can be dangerous due to live wires, sewage, sharp objects and other debris.

The hurricane led to the destruction of private properties worth of billions of dollars.

An athletic field is flooded after heavy rain and filling with debris on September 27, 2024 in Boone, North Carolina.

A Motel is seen in the aftermath of Hurricane Helene, in Cedar Key, Florida on Friday (September 27, 2024)

A drone view shows a flooded and damaged area, following Hurricane Helene in Steinhatchee, Florida. Some neighborhoods were so badly flooded that only car roofs could be seen poking above the water.

Homes are levelled in the aftermath of Hurricane Helene in Horseshoe Beach, Florida.

A mother and her son seen walking towards their home severely damaged after the hurricane.

Power crews work on the lines after the hurricane as more than three million people spent the weekend without any power.

Volunteers with Project a non-profit organization based in Alabama serve meals after Hurricane Helene made landfall overnight in Madison, Florida, U.S., September 27, 2024.

A family returning to their flooded home in the aftermath of the hurricane.

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Published – October 30, 2024 02:09 pm IST

Image for representation purpose only.
| Photo Credit: AP

India’s drug exporters body Pharmexcil has alerted members to a shortage of intravenous (IV) fluids that the United States is facing in the aftermath of Hurricane Helene damage to a manufacturing facility, and urged them to explore the opportunity to chip in with supplies.

Manufacturers of intravenous fluids with approvals from the U.S. FDA/EU/SRA countries as well as the capacity to supply intravenous fluids to the U.S. are requested to submit their willingness, Pharmaceuticals Export Promotion Council of India Director General Raja Bhanu said.

The communication to members that was issued recently followed the Indian Embassy in Washington D.C. informing the exporters body under the Commerce Ministry about a critical shortage of IV fluids prevailing in the U.S. due to the serious damage Hurricane Helene caused to a Baxter International plant.

The U.S. President has declared a national public health emergency due to the shortage of the critical fluids that are required for surgeries and other medical procedures. Several hospitals have postponed non-essential medical procedures, while the U.S. FDA has also authorised import of the fluids from other countries, it said.

Hurricane Helene that raged through the country in late September was one of the deadliest storms to wreak havoc in the U.S. since Hurricane Katrina in 2005. According to reports at least 200 people died.

As another support measure, consequent to the shortage of the fluids, the U.S. FDA on October 28 announced extended use dates for some parenteral drug products, after a review of the stability data submitted by Baxter International, which is a leading manufacturer of the fluids.

Separately, in an update, the company said its North Cove manufacturing site was significantly impacted by the rain and storm surge from Hurricane Helene, which was unprecedented in Western North Carolina and resulted in water flooding the facility.

“We are encouraged to report that, barring any unanticipated developments, Baxter anticipates restarting the highest-throughput IV solutions manufacturing line this week. Initial batches will be manufactured concurrently with ongoing quality activities and would only be released in accordance with applicable regulatory requirements to ensure the quality and safety of the products. It is important to note that the earliest that new North Cove product could begin entering the distribution channel is mid- to late-November,” it said.