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15 Jun, 2024

In terms of volume, the Indian pharmaceutical industry is 3rd globally, while in terms of value, it ranks 14th. It accounts for 10% of the global pharmaceutical production by volume and 2% by value. The Indian pharmaceutical industry is expected to grow at a CAGR of 10% during the period 2023-2028.

A few large companies dominate the Indian pharmaceutical industry 2023. The top 10 pharma companies in India account for over 50% of the market share. The top 5 pharma companies  in India are:

1. Sun Pharmaceutical Industries Ltd.

2. Cipla Ltd.

3. RK Lifecare INC.

4. Lupin Ltd.

5. Aurobindo Pharma Ltd.

These companies are engaged in the manufacturing and marketing of a wide range of pharmaceutical products, including generic drugs, branded drugs, and over-the-counter (OTC) drugs. They also have a strong presence in the global markets.

Here Is A Brief Overview Of The Top 5 Pharma Companies In India:

1. Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries Ltd. based on market value, is India's biggest pharmaceutical firm. Additionally, it is among the biggest producers of generic medications worldwide. The company manufactures and markets a wide range of pharmaceutical products, including generic drugs, branded drugs, and OTC drugs. Sun Pharmaceutical has a strong presence in the global markets, with operations in over 50 countries.

2. Cipla Ltd.

Cipla Ltd. is the second-largest pharmaceutical companies near me by market capitalization. It is a leading manufacturer of generic drugs and branded drugs. Cipla has a strong presence in the global markets, with operations in over 80 countries.

3. RK Lifecare INC.

RK Lifecare INC is the third-largest pharmaceutical company in India, with a strong focus on R&D and manufacturing of high-quality medicines. The company has a wide range of products, including APIs, formulations, and generics. RK Lifecare INC exports its products to over 40 countries worldwide.

Also read: Pharmaceutical Companies Near Me

4. Lupin Ltd.

Lupin Ltd. is the fourth-largest pharmaceutical company in India by market capitalization. It is a leading manufacturer of generic drugs, branded drugs, and OTC drugs. Lupin has a strong presence in the global markets, with operations in over 50 countries.

5. Aurobindo Pharma Ltd.

Aurobindo Pharma Ltd. based on market value is the fifth-biggest pharmaceutical firm in India. It is a leading manufacturer of generic drugs, branded drugs, and OTC drugs. Aurobindo Pharma has a strong presence in the global markets, with operations in over 100 countries.

The Indian pharmaceutical industry is expected to grow in the coming years. The main elements propelling the industry's expansion are:

  • The increasing population of India

  • The rising disposable incomes of Indians

  • The incidence of chronic illnesses is rising in India

  • The growing demand for generic drugs in India and abroad

  • The Indian pharmaceutical industry is also expected to benefit from the government's initiatives to promote the growth of the industry. The government has launched several schemes, such as the Production Linked Incentive Scheme for Pharmaceuticals, to promote the manufacturing of pharmaceuticals in India and the top pharma companies in India in 2024.

The Indian pharmaceutical industry is a key driver of the Indian economy. It employs over 10 million people and contributes over 3% to the GDP of India. The industry is also a major exporter of pharmaceuticals, with exports of over USD 20 billion in 2022-23.

The Indian pharmaceutical industry is facing some challenges, such as:

  • The increasing competition from global pharmaceutical companies

  • The rising cost of research and development

  • The stringent regulatory requirements

  • The complex supply chain

However, the Indian pharmaceutical industry is well-positioned to overcome these challenges and continue to grow in the coming years. The industry has a strong foundation, with many skilled and experienced workers. The industry is also supported by the government's initiatives to promote its growth.

Conclusion

The Indian pharma industry is a highly competitive industry with several large and small players vying for market share. Domestic players dominate the industry, but there is a growing presence of foreign multinational companies and we have mentioned the top pharma companies in world. Several factors, including low manufacturing costs, a large domestic market, government support, and growing exports characterize the Indian pharma industry. However, the industry is also facing several challenges, such as increased competition, intellectual property rights, and regulatory challenges.