An official update has noted that Indias pharmaceutical market for FY 2023-24 is valued at USD 50 billion with domestic consumption valued at USD 23.5 billion and export valued at USD 26.5 billion. Indias pharma industry is considered to be the world's third largest by volume and 14th in terms of value of production. With an extremely diversified product base covering generic drugs, bulk drugs, over-the-counter drugs, vaccines, biosimilars, and biologics, the Indian pharmaceutical industry has a strong presence at the global level. According to National Accounts Statistics 2024, published by the Ministry of Statistics and Programme Implementation, total output for industry i.e. Pharmaceuticals, medicinal and botanical products is Rs. 4,56,246 crores for FY 2022-23 at constant prices, of which value added is Rs. 1,75,583 crores. A total of 9,25,811 number of persons are engaged in Pharmaceuticals, medicinal and botanical products industry during FY 2022-23.
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