The world has experienced significant challenges over the past decade, and that has also been a pivotal period for India to capitalise on its capabilities and establish itself as the "Pharmacy of the World." Our excellence in producing high-quality, affordable generic drugs and vaccines has positioned us as a key player on the global stage, where we carry weight to advocate for crucial issues such as trade, sustainability, innovation, technology, and healthcare.

India’s role in the new global order has never been more apparent than during the recent battle against the COVID-19 pandemic. The nation rose to the occasion to ensure a consistent supply of life-saving medicines to patients globally, cementing its leadership position in global healthcare.

This achievement is not accidental; it is the result of years of dedication to innovation, excellence in manufacturing, and consistently meeting global quality standards. Our perseverance has been tested over time, and we have consistently demonstrated our resilience in the face of adversity. Today's success is built on the hard work of the past, and the decisions we make now will pave the way for a prosperous future.

In the last 25 years, the industry has grown nearly 20 times: to a market size of $58 billion from $3 billion in 1999-00, contributing equally to domestic sales and exports today. The sector is among the top five contributors to India’s trade surplus, which has grown to $19.5 billion from merely $1 billion in 1999-00. The journey of Indian pharma is a testament to how key policy reforms coupled with entrepreneurial spirit have nurtured the sector’s growth.

The Indian pharmaceutical industry is a crucial component of India's growth narrative, and it is the foundation to the health and well-being of its citizens. As a global manufacturing powerhouse, India advances global health by supplying 20% of the world's generic drug demand, ranking 3rd in terms of volume and 11th in terms of value.

Today, the global healthcare landscape is undergoing a significant paradigm shift—a shift in disease patterns and population age, consumerisation of healthcare and increasing focus on holistic health. Indian pharma aims to grow to $120-130 billion by 2030 and $400-450 billion by 2047. Capturing this opportunity in the coming decades would require thrust on four key enablers:

• Innovation: To move up the value chain, the focus needs to be on robust funding mechanisms and building talent adept at life sciences (biopharma) and digital technologies. The announcement of the Promotion of Research & Innovation Program (PRIP) by the Government aims to spur research by building an ecosystem that incentivises innovation.

Conclusion

The Indian pharmaceutical sector stands at a critical juncture as India heads toward 2047. From job creation to global trade and innovation to public health, the industry's contributions will be central to realising the goals of “Viksit Bharat”. A supportive and enabling policy framework, strong investment in R&D, and a commitment to affordable healthcare access can empower the sector to unlock its full potential. Concerted efforts among stakeholders—pharma industry, ancillary sectors, regulators and academic institutions—will be essential to achieve this aspiration. Embracing the ancient Indian philosophy of "Vasudhaiva Kutumbakam," meaning "the world is one family," India is poised to be the healthcare custodian of the world.

The author is chairman of Torrent and president of Indian Pharmaceutical Alliance (IPA). Views are personal.