India pharma exports hit $30.5bn FY25; 2030 goals

Introduction: exports rise, targets get sharper

India’s pharmaceutical exports rose to $10.47 billion in FY2024-25, up 9.4% from the year before. The numbers underline India’s continued strength in global medicines supply, while also highlighting the next phase of policy focus: higher-value products, deeper penetration in regulated markets, and building a domestic medical devices manufacturing base.

At the same time, multiple targets are now being cited for 2030, ranging from $15 billion in pharma exports to significantly larger aspirations linked to biosimilars and broader industry scaling. The data points together show strong momentum, but also the scale of execution required over the next five years.

FY2024-25 export performance: the headline figure

Pharmaceutical exports in FY2024-25 stood at $10.47 billion. The Economic Survey 2025-26 also cites pharma exports at $10.5 billion for 2024-25, reflecting the same broad level.

The Survey notes India ranks 11th globally in pharmaceutical exports by value. Exports reached 191 countries in 2024-25, suggesting both breadth and resilience across markets even as global regulatory expectations and compliance requirements remain high.

Regulated markets remain central to the mix

A key detail from the Economic Survey is that 50% of India’s pharma exports are directed to highly regulated markets such as the United States and Europe. That concentration matters because these markets typically demand strong compliance, documentation, and quality systems.

The same data point also signals why export acceptance continues to be a strategic advantage for Indian manufacturers, especially for products where approvals and inspections can be a barrier for new entrants.

Long-term export trend: from $1.9 billion to over $10 billion

The Economic Survey 2025-26 states that pharma exports were $1.9 billion in 2000-01 and reached $10.5 billion in 2024-25, described as a nearly 16-fold increase.

Separately, another trend line cited in the provided material shows exports rising from $15.07 billion in 2013-14 to $17.85 billion in FY2023-24, with projections to exceed $10 billion soon. With FY2024-25 already at about $10.5 billion, that “exceed $10 billion” milestone is effectively visible in the latest year’s data.

Monthly momentum: January 2025 vs January 2026

Export momentum was also illustrated through a monthly comparison. Drugs and Pharmaceuticals exports rose by about 2.70% from $1.59 billion in January 2025 to $1.66 billion in January 2026.

While one month does not define a year, the comparison is a useful indicator in the context of broader FY2024-25 strength, especially when paired with the Survey’s emphasis on sustained export breadth across 191 countries.

Medical devices: exports are growing, but imports still dominate

The medical device segment is smaller in export terms but is being positioned as a high-priority manufacturing opportunity. In FY2024-25, medical device exports were $1.1 billion, while imports were $1.6 billion, indicating a trade gap.

The Economic Survey also notes medical device exports increased from $1.5 billion in 2020-21 to $1.1 billion in 2024-25, with exports to 187 countries in FY25. This establishes that the export footprint is broad, even if the absolute scale remains lower than pharma.

PLI push for devices: targeting high-value equipment

The government’s Production Linked Incentive (PLI) scheme for medical devices is cited with a ₹3,420 crore outlay aimed at narrowing the import dependence. The scheme targets categories such as linear accelerators, MRI machines, CT scans, mammograms, C-arms, and ultrasound machines.

The stated industry goal is to take the medical devices sector to $10 billion by 2030. The material also cites a starting point of $12 billion in 2024 for this target, implying a scale-up requirement of roughly 15% CAGR over six years.

2030 export targets: $15 billion cited by Pharmexcil

Pharmexcil’s target cited in the material is $15 billion in pharma exports by 2030, from $10.47 billion in FY2024-25. The same passage notes this would require roughly 13-14% annual growth, and flags FY26 headwinds as a consideration while still calling the direction positive.

Separately, another portion of the provided text references a larger export ambition. According to The Economic Times, Pharmexcil’s chairman is cited saying India’s biosimilars market could cross $10 billion by 2030, forming nearly half of a projected $120-130 billion in total pharma exports, with the remainder attributed to the generic drug base.

Domestic market projections: $10 billion to $130 billion

Alongside exports, the domestic market is also expected to expand. The domestic pharmaceutical market is stated as $10 billion, projected to reach $130 billion by 2030.

Another set of figures in the provided material describes the industry at around $15 billion and expects it to reach $130 billion by 2030, with a stated growth rate of 11-13% CAGR. Together, these data points reinforce that both domestic consumption and exports are central to the sector’s growth narrative.

Key figures at a glance

Why the numbers matter: execution, mix, and import dependence

The FY2024-25 export number confirms India’s scale in global pharmaceuticals, but the 2030 targets highlight the need to grow faster than recent trends. The emphasis on regulated markets underscores why quality and compliance remain central to sustaining and expanding the export base.

For medical devices, the gap between $1.1 billion in exports and $1.6 billion in imports frames the policy rationale behind the PLI scheme, particularly for high-value imaging and critical care equipment. If the sector moves toward the $10 billion target, it would represent a shift in India’s health manufacturing profile, with implications for domestic procurement and trade balance.

Conclusion: FY25 strength, 2030 ambitions, and policy focus

India’s pharma exports at about $10.5 billion in FY2024-25 provide a strong base, with wide country coverage and a heavy share in regulated markets. The next challenge is meeting ambitious 2030 targets such as $15 billion in exports, while also building a stronger domestic medical devices manufacturing ecosystem under the ₹3,420 crore PLI framework.

The key milestones to watch, based on the material provided, are progress toward the export growth rates implied by the 2030 targets and the pace at which device categories covered under the PLI scheme translate into reduced import dependence.