New Delhi, June 24 (IANS) India can significantly strengthen its position in the global pharmaceutical industry by moving beyond volume-led exports and focusing on higher-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 enjoys a leadership position in the global generics market, accounting for around 20 per cent of generic medicine exports worldwide by volume.

However, sustaining the sector’s growth momentum will require a shift towards value-added pharmaceutical products and greater investment in innovation, according to him.

“India is a global leader in generic medicines, with around 20 per cent of global exports coming from the country. To move to the next level, it is important to shift from volume-based exports to value-driven exports,” Sharma said.

He also stressed the need for increased investments in research and development, complex generics, digital manufacturing, testing laboratories and export infrastructure.

Sharma said India should actively explore emerging opportunities in biosimilars, speciality drugs, cell and gene therapies as well as novel drug delivery systems to move up the pharmaceutical value chain.

“The government’s Production Linked Incentive (PLI) scheme is delivering encouraging results on the ground,” he told IANS.

In addition, the expert called for reducing dependence on imported active pharmaceutical ingredients (APIs) and strengthening domestic manufacturing capabilities.

He advocated diversification of sourcing, development of fermentation-based APIs and advanced intermediates, stronger public-private partnerships, regulatory harmonisation, talent development and greater venture capital support for the sector.

Moreover, he stated that reducing logistics costs, ensuring stable and predictable policy frameworks, and expanding manufacturing ecosystems across pharmaceuticals, electronics, semiconductors, renewable energy and defence would help create globally competitive industrial clusters.

On the export front, Sharma said India has demonstrated resilience despite global uncertainties, with overall exports reaching around $865 billion in FY25.

He added that free trade agreements (FTAs) are creating fresh opportunities for Indian exporters, including pharmaceutical companies.

“India has signed important trade agreements with countries and regions such as the UAE, Australia and the UK, while negotiations with the European Union are progressing. These initiatives will help diversify export markets, improve competitiveness and strengthen supply-chain reliability,” Sharma said.

According to him, continued focus on innovation, quality standards, intellectual property protection and ease of doing business would be key to unlocking the next phase of growth for India’s pharmaceutical industry.

–IANS

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