India’s Pharmaceutical and Medical Devices Sector Embraces Innovation-Driven Growth

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The Economic Survey 2025–26 highlights a major evolution in India’s pharmaceutical and medical devices sectors, signaling a shift from growth driven by volume to growth focused on value and innovation. The report emphasizes advanced manufacturing, research, and high-tech product development as India aims to strengthen its position in the global healthcare market.

Pharmaceutical Industry Moves Toward Advanced Medicines

India’s pharmaceutical sector is increasingly focusing on high-value products, including complex generics, biosimilars, and innovation-led therapies, rather than just mass-produced generics. India ranks 11th globally in pharmaceutical exports by value, capturing about 3% of the global market, while being the third-largest producer worldwide by volume. In FY25, Indian pharmaceutical exports reached 191 countries, with more than half destined for highly regulated regions such as the US and Europe.

Medical Devices Industry Achieves Global Competitiveness

The medical devices sector in India has witnessed rapid growth, exporting products to 187 countries in FY25. Export revenue climbed from USD 2.5 billion in FY21 to USD 4.1 billion in FY25. Domestic production now includes sophisticated equipment such as MRI and CT scanners, linear accelerators, cardiac stents, and ventilators, marking a clear shift toward high-end healthcare technologies.

India’s Leadership in Vaccine Production

India continues to be a key player in global vaccine supply, producing most of the world’s DPT, BCG, and measles vaccines. The pharmaceutical sector recorded a turnover of Rs 4.72 lakh crore in FY25, with exports growing at an annual rate of 7% over the past decade.

Unlocking Potential Through Technology and Innovation

The Survey emphasizes the need for the medical devices sector to adopt advanced technologies like AI and 3D printing to reduce import dependence. Additionally, simplifying international certification and regulatory processes is seen as essential to expanding global market reach and sustaining long-term export growth.

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