India’s pharmaceutical industry is preparing for a decisive shift, with leaders calling for urgent innovation and faster growth to stay competitive on the global stage.

Speaking at India Pharma event at FICCI, Delhi, Mr Namit Joshi, Chairman of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), said the coming years will be crucial in shaping the sector’s future. He stressed that if India aims to meet its long-term vision for 2047, it must act now. According to him, the country needs to “leapfrog” to a higher level of value by 2030, and that journey must begin immediately with a strong focus on innovation.

He noted that several competing nations have already moved ahead, making it essential for India not to fall behind. Recent discussions within the industry, he said, have revolved around pushing innovation and accelerating progress so that India can strengthen its global position.

Speaking on global uncertainties, including the ongoing West Asia conflict, Joshi drew a comparison with the COVID-19 crisis of 2020. He recalled how India faced similar disruptions during the pandemic but responded with decisive policy measures. The introduction of the Production Linked Incentive (PLI) scheme for pharmaceuticals and healthcare, he said, was a turning point that reflected the government’s vision of building a self-reliant India.

Joshi believes that the decisions taken during that period are now paying off. He said the approach adopted in 2020 has helped India remain stable even during current global challenges—something that may not have been possible earlier. The PLI scheme, in particular, has strengthened domestic capabilities and reduced dependence on external supply chains.

Expressing confidence in the sector’s resilience, he added that India is now in a position to handle global uncertainties much better than before. The country, he said, can take pride in its growing self-reliance, ensuring that it remains prepared regardless of external disruptions.

With competition intensifying and global risks continuing, the message from industry leaders is clear—this is a defining moment. The steps taken today could determine whether India emerges as a global pharmaceutical powerhouse in the years to come.