100-year road map: Pharma industry eyes $400-billion turnover by 2047

The industry is now talking about breaking into the top-10 countries in terms of value by 2030, and entering the top-5 club by 2047

In the 1970s, a defining decade for the Indian pharma industry, the size of the domestic market was about Rs 650 crore, with multinational drug firms dominating the space. In 2022, it has soared to Rs 1.67 trillion domestic markets for drugs, and over 90 per cent of this space is now captured by locally produced medicines.

Having charted this journey of rapid expansion in the 75 years since Indian Independence, the indigenous drug industry is working on a road map for 2047 — or 100 years of India’s Independence.

Speaking to Business Standard, Satish Reddy, chairman of Hyderabad-based Dr Reddy’s Laboratories