New Delhi: The Indian pharma sector has grown at 8 per cent CAGR and has also seen a 9 per cent increase in export rates in 2024, according to a report.The report by McKinsey & Company showed that the pharma sector in the country is witnessing rapid production growth. Expanding its capabilities in APIs and biotechnology, it has grown at 8 per cent CAGR, twice the global average.

The country also emerged as the world’s largest supplier of generic medicines, with a 9 per cent pharma export growth rate, nearly double the global average, the report said.Currently, India meets 20 per cent of global demand. This includes over 40 per cent of generic medicines being supplied to the US, and 25 per cent to the UK. The country also supplies over 60 per cent of the world’s vaccines and 70 per cent of global antiretroviral drugs for HIV treatment.

Further the report showed that India is also marching ahead in terms of emerging modalities like mRNA, cell and gene therapies, and antibodies.