In a written reply to the Rajya Sabha, Patel stated that the value of the domestic pharmaceutical market was $23.5 billion, of which $26.5 billion came from exports in the fiscal year 2023–2024.
The Indian pharmaceutical sector is the 14th largest in the world in terms of production value. With a wide range of products, it offers vaccines, biosimilars, biologics, generic and bulk meds, and over-the-counter medications.
The Ministry of Statistics and Program Implementation released the National Accounts Statistics 2024, which shows that the pharmaceutical, medicinal, and botanical products sector produced ₹4,56,246 crores at constant prices in FY 2022–2023 with ₹1,75,583 crores in value addition. 9,25,811 people were employed in the sector during that time, noted Patel.
The minister further emphasized that seven National Institutes of Pharmaceutical Education and Research (NIPERs) have been created by the Department of Pharmaceuticals as institutions of national significance. These universities carry out cutting-edge research in a range of pharmaceutical specialties and provide postgraduate and doctoral programs.
The department has also developed a national policy to promote innovation, research, and development in the medical device and pharmaceutical industries.
The policy seeks to establish a strong innovation ecosystem, fostering an entrepreneurial atmosphere that will allow India to lead the world in drug discovery and the creation of cutting-edge medical technologies.
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