India aims for $300 billion biopharma economy by 2030

India is set to transform its biopharmaceutical sector, aiming to reach a market size of approximately $300 billion by 2030. Currently, biopharma accounts for nearly half of India’s biotechnology market. The country, known as the "pharmacy of the world," produces 60% of global drug demand, mainly through affordable generics. However, the focus is now shifting toward more advanced therapies like biosimilars, monoclonal antibodies, and mRNA vaccines. To become a leader in this area, India must enhance its research and development investments and strengthen its manufacturing capabilities. While India excels in producing small-molecule generics, the future of the sector lies in emerging therapeutic treatments. With over 98 approved biosimilars, there is significant potential in this market, currently valued at $12 billion. India's recent approval of its first Indigenous CAR-T cell therapy highlights its growing capacity in next-generation biologics. The global mRNA therapeutics market is also a key area for growth, estimated to be worth $10 billion. However, India remains reliant on imports for many biologic raw materials, with import dependence ranging from 20% to 90%. This reliance inflates production costs due to import duties. To address this, India needs to enhance domestic production of essential bioprocessing inputs and reduce import dependence significantly within the next five years. Recent government policies, such as the Bio-E3 policy and the Bio-Ride programme, aim to boost domestic manufacturing. Regulatory improvements, including exemptions for local clinical trials for globally approved drugs, will also attract foreign biotech investments. In 2022-23, foreign investment in India’s pharmaceutical sector reached approximately ₹2,814 crore, showcasing international confidence in its potential. Despite these advancements, Indian companies currently invest only 8.4% of their sales in R&D, compared to 10-11% of their global counterparts. Increasing R&D spending and collaboration among regulatory agencies will be crucial for boosting innovation and speeding up approvals. Additionally, the expiration of 25 significant drug patents presents an opportunity for Indian firms to develop new biosimilars and expand into higher-margin biologics. If India successfully shifts from a volume-based generics market to a value-driven biopharma sector, it will secure its position as a global leader in healthcare innovation. Strategic investment, policy foresight, and industry collaboration will be essential to achieving this $300 billion vision, potentially reshaping the global biopharmaceutical landscape.