India's pharmaceutical industry is the third-largest globally by volume and valued at $50 billion for the 2023-24 financial year.

• The industry produces a variety of products, including generic drugs, bulk drugs, over-the-counter medications, vaccines, biosimilars, and biologics.
• In FY 2022-23, the sector produced Rs.4,56,246 crores, with a value addition of Rs.1,75,583 crores, and employed approximately 9,25,811 individuals.
• The Department of Pharmaceuticals established seven National Institutes of Pharmaceutical Education and Research (NIPERs), which are recognized as institutions of national importance.
• A national policy has been introduced to promote research, development, and innovation in the pharmaceutical and medical devices sectors.
• The industry aims to enhance its global presence by encouraging innovation and improving the quality of healthcare products.