India’s pharmaceutical sector is betting big on biosimilars to drive future exports and shift toward higher-value global markets.
Biosimilars are expected to lead India’s next major push in drug exports, with the government and industry setting a $1 trillion target by 2030. This ambition emerged from a meeting held at the commerce ministry with representatives from the Pharmaceuticals Export Promotion Council (Pharmexcil), where senior officials outlined a new export roadmap focused on high-value, innovation-led drug categories.
According to The Economic Times, Namit Joshi, Chairman of Pharmexcil, said India’s biosimilars market could cross $60 billion by 2030—making up nearly half of the projected $120–130 billion in total pharma exports. The remainder would continue to come from India’s well-established generic drug sector, which currently drives most of the country’s $50–55 billion export base.
Pharmaceutical companies such as Biocon, Cipla, and Dr. Reddy’s Laboratories have already begun expanding their biosimilar portfolios into regulated markets like the United States and Europe. Joshi said these firms have the financial and regulatory capabilities to operate in complex global biologics markets and meet advanced compliance standards. But achieving this level of growth across the sector will require more companies to invest in biologics, digital therapeutics, and specialty drugs.
India’s move into biosimilars comes as the global generics market faces slower growth, estimated at around 5 percent annually. In contrast, biosimilars and innovation-driven therapies are expected to offer faster growth opportunities and help India shift up the pharmaceutical value chain. To support this shift, Joshi called for stronger collaboration between government agencies, drug manufacturers, and Indian missions abroad.
The growth target will require an 11–12 percent compound annual growth rate, according to Pharmexcil estimates. Achieving this pace will mean not only scaling manufacturing but also ensuring that Indian companies are well-prepared for evolving global regulatory standards.
With the right focus on research and development, early investment in biosimilar pipelines, and alignment across public and private sectors, India aims to move beyond low-margin generics and become a global hub for complex therapies. The shift toward biosimilars is positioned as both an economic opportunity and a strategic necessity for India’s pharmaceutical future.
