Building trust in the Indian pharmaceuticals and life sciences industry

A thorough analysis of the current state of India's pharmaceutical sector illustrates both promising growth and enduring obstacles. In the fiscal year 2023, the Indian pharmaceutical market grew nearly 5 percent year-on-year to US$49.78 billion. Exports increased by 3 percent whilst the domestic market grew by 7 percent.

This growth is partly due to government initiatives such as the Production Linked Incentive Scheme (PLI), Pharmaceutical Technology Upgradation Assistance Scheme, National Medical Devices Policy, and “Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP).” The market is projected to reach US$130 billion by 2030.

However, concerns about potential fraud, unethical conduct, and non-compliance with industry standards make some countries cautious about relying on Indian drugs.