Gujarat’s pharma industry growth hits 'fever pitch'

The pharma industry in Gujarat has grown by 40% in the last four years and is set to hit an annual turnover of Rs 2 lakh crore in three years. 

Since the 2020 fiscal year, there have been 494 new plant approvals and 1,682 licences granted to new units that began production.

As of March 2023, the Gujarat pharma industry’s annual turnover was Rs 1.42 lakh crore. Industry leaders say the large numbers of new export-oriented plants will lead to quicker growth in the next five years.

According to the Indian Drug Manufacturers’ Association (IDMA), the size of the Indian pharmaceuticals market is Rs 4 lakh crore: Rs 2 lakh crore domestic and Rs 2 lakh crore in exports.

The size of the Gujarat pharma industry is around Rs 1.42 lakh crore and IDMA estimates that it will reach Rs 2 lakh crore by 2026.

The Indian domestic formulations market is expected to grow at a healthy rate of 10-15% in the next three to five years. Companies that are focused on growing economies and emerging markets could even outpace the industry.”

Lincoln recently started exports to Canada. TGA-Australia and EU GMP approvals will further strengthen its presence and expand its network to over 90 countries.