New Delhi, June 24 (IANS): India can further strengthen its position in the global pharmaceutical industry by moving beyond volume-driven exports and focusing on high-value products such as biosimilars, speciality drugs and advanced therapies, according to Dr Manoranjan Sharma, Chief Economist at Infomerics Ratings. In an interaction with IANS, Sharma said India already holds a leadership position in the global generics market, accounting for nearly 20 per cent of generic medicine exports worldwide by volume. However, he noted that sustaining the sector’s growth momentum will require a strategic shift towards value-added pharmaceutical products, greater innovation and increased investment in research and development. Sharma emphasised the need to expand capabilities in complex generics, digital manufacturing, testing laboratories and export infrastructure, while also exploring emerging opportunities in biosimilars, cell and gene therapies, speciality drugs and novel drug delivery systems. He added that the government’s Production Linked Incentive (PLI) scheme is already showing encouraging results and can further support the industry’s transition up the pharmaceutical value chain.
The economist also stressed the importance of reducing India’s dependence on imported active pharmaceutical ingredients (APIs) by strengthening domestic manufacturing capabilities, diversifying sourcing and promoting fermentation-based APIs and advanced intermediates. He advocated stronger public-private partnerships, regulatory harmonisation, talent development and greater venture capital support to enhance the sector’s competitiveness. Sharma further said that lowering logistics costs, ensuring stable and predictable policy frameworks and expanding manufacturing ecosystems across sectors such as pharmaceuticals, electronics, semiconductors, renewable energy and defence would help create globally competitive industrial clusters. On exports, he noted that India has demonstrated resilience despite global uncertainties, with overall exports reaching approximately $865 billion in FY25. He added that recent free trade agreements with countries and regions including the UAE, Australia and the UK, along with ongoing negotiations with the European Union, are expected to create new opportunities for Indian pharmaceutical exporters by diversifying markets, improving competitiveness and strengthening supply chain reliability. According to Sharma, sustained focus on innovation, quality standards, intellectual property protection and ease of doing business will be crucial for unlocking the next phase of growth in India’s pharmaceutical industry.