Medicine and pharmaceutical product import value India FY 1961-2024
India imported medicinal and pharmaceutical products to the value of almost 684 billion Indian rupees as of fiscal year 2024. Despite slow economic growth in the past years, India still managed to stay a world leader in the pharmaceutical sector as a major producer of generic drugs and vaccines. However, due to economic considerations, the country mainly relies on imported active pharmaceutical ingredients (API).
India’s pharmaceutical market
Owing to epidemiological factors such as the expansion of the patient pool and increased prevalence of lifestyle ailments, India’s pharmaceutical industry is expected to show much growth. In 2020, the share of market revenue of generic drugs was the highest, in comparison, to OTC medicines and patented drugs. The online market for medicines in India has also flourished. Convenience and affordable prices have led to a notable increase in online shoppers. The addressable market share for online pharmacies in India was expected to cross 50 percent by 2023.
Employment in the Indian pharmaceutical world
India's pharmaceutical sector is full of opportunities. However, it is highly fragmented, unorganized, and lacks gender diversity. In 2017, less than 25 percent of women in India showed employability in the pharmaceutical and healthcare sector. Furthermore, in 2021, the employability of pharmaceutical graduates across the country was just over 35 percent, a 20 percent drop since 2015.
